30-Year Mortgage Rates Average Just Under 3%

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Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.99 percent.

“Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties,” said Sam Khater, Freddie Mac’s Chief Economist. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”

 

Mortgage interest rates

•30-year fixed-rate mortgage averaged 2.99 percent with an average 0.7 point for the week ending October 7, 2021, down slightly from last week when it averaged 3.01 percent. A year ago at this time, the 30-year FRM averaged 2.87 percent.
•15-year fixed-rate mortgage averaged 2.23 percent with an average 0.7 point, down from last week when it averaged 2.28 percent. A year ago at this time, the 15-year FRM averaged 2.37 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52 percent with an average 0.3 point, up from last week when it averaged 2.48 percent. A year ago at this time, the 5-year ARM averaged 2.89 percent.

For more information on daily mortgage interest rate movements, check with your lender or mortgage news information providers such as Mortgage News Daily.