Mortgage Rates Remain Unchanged from Last Week

“The economy lost some momentum in January, leaving mortgage rates unchanged from last week and relatively flat for the third consecutive week. This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months,” said Sam Khater, Freddie Mac’s Chief Economist. “As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory. In the meantime, recent data suggests that homebuyer demand continues to be elevated as supply remains low, driving higher home prices.”

• 30-year fixed-rate mortgage averaged 3.55 percent with an average 0.8 point for the week ending February 3, 2022, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.73 percent.
• 15-year fixed-rate mortgage averaged 2.77 percent with an average 0.7 point, down from last week when it averaged 2.80 percent. A year ago at this time, the 15-year FRM averaged 2.21 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.71 percent with an average 0.3 point, up slightly from last week when it averaged 2.70 percent. A year ago at this time, the 5-year ARM averaged 2.78 percent.