Inventory concerns linger, as also reported by was the number of active listings dipping to 381,950 in March 2022, down 18.9% year-over-year (from March 2021), and down a whopping 62.3% year-over-year (March 2020), during the onset of the COVID-19 pandemic.

home prices have hit another record high for the first time in March 2022, rising to $405,000, up 13.5% from March 2021 when the median listing price was $370,000. The supply boost would be welcome news for this year’s housing markets.”Ī recent survey from found that U.S. The silver lining to the current affordability crisis is highlighted in ’s new seller report, which shows that many homeowners are planning to list their properties for sale in the next few months.

“We are approaching the tipping point at which market demand is expected to pull back. “For many American families, today’s mortgage rates are closing the door on being able to afford to buy a home this spring,” said Manager of Economic Research George Ratiu.

“The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20% from a year ago.”įreddie Mac’s PMMS is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20% down and have excellent credit.Īs rates rise, an increasing number of buyers are being shut out of the market, as the Mortgage Bankers Association (MBA) reported that overall mortgage application volume continued to trend downward, falling 6.3% week-over-week. “Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,” said Sam Khater, Freddie Mac’s Chief Economist. A year ago at this time, the 15-year FRM averaged 2.42%. A year ago at this time, the 30-year FRM averaged 3.13%.Īlso this week, the 15-year FRM averaged 3.91% with an average 0.8 point, up from last week when it averaged 3.83%. The latest Primary Mortgage Market Survey (PMMS) from Freddie Mac shows the 30-year fixed-rate mortgage (FRM) up week-over-week, rising to 4.72%, up slightly from 4.67%.

Pmms freddie mac