Mortgage rates have decreased slightly, with the 30-year fixed-rate mortgage averaging 2.99%, according to the latest data from Freddie Mac’s Primary Mortgage Market Survey®.
Mortgage details:
– 30-year fixed-rate mortgage averaged 2.99% with an average 0.7 point for the week ending Oct.7, 2021, down slightly from last week when it averaged 3.01%. Last year, the 30-year FRM averaged 2.87%.
– 15-year fixed-rate mortgage averaged 2.23%with an average 0.7 point, down from last week when it averaged 2.28%. Last year, the 15-year FRM averaged 2.37%.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52% with an average 0.3 point, up from last week when it averaged 2.48%. Last year, the 5-year ARM averaged 2.89%.
The takeaway:
“Mortgage rates continue to hover at around 3% again this week due to rising economic and financial market uncertainties,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”
“Investor worries about the debt ceiling standoff in Congress outweighed the stronger-than-expected ADP private employment report, declining jobless claims and solid gains in factory orders,” said realtor.com® Manager of Economic Research George Ratiu in a statement. “While this drop is good news for buyers planning to lock-in favorable rates this week, we expect rates to continue on an upward trajectory over the next few months, as economic indicators point toward continued expansion and financial markets take into account expected monetary tightening.”
