Mortgage Rates Rise

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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 3.14 percent.

“The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.”

Mortgage interest rates

•30-year fixed-rate mortgage averaged 3.14 percent with an average 0.7 point for the week ending October 28, 2021, up from last week when it averaged 3.09 percent. A year ago at this time, the 30-year FRM averaged 2.81 percent.
•15-year fixed-rate mortgage averaged 2.37 percent with an average 0.7 point, up from last week when it averaged 2.33 percent. A year ago at this time, the 15-year FRM averaged 2.32 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.56 percent with an average 0.3 point, up from last week when it averaged 2.54 percent. A year ago at this time, the 5-year ARM averaged 2.88 percent.

For more information on daily mortgage rate movements you can check with your mortgage lender or mortgage rate information sites such as Mortgage News Daily.