The 30-year fixed-rate mortgage (FRM) averaged 3.10%, unchanged from last week, according to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac.
“Despite the noise around the economy, inflation and monetary policy, mortgage rate volatility has been low. For most of 2021, mortgage rates have stayed within half a percentage point, which is a smaller range than in past years.” — Sam Khater, Freddie Mac Chief Economist
“Home sales data continue to show strong demand for housing, amid limited supply and rising prices. Meanwhile, there are mixed policy updates for investors to digest. President Biden renominated Fed Chair Powell to another four-year term while the Build Back Better Act, a social policy bill supported by the President, passed the House and heads to the Senate. While rates on 10-year Treasuries started November on a weaker note, they’ve increased in recent weeks as concern about rising inflation has grown, and mortgage rates have followed suit. Powell’s reappointment, therefore, will likely have a mixed impact, reassuring some investors who are confident in the Fed’s current approach while bracing others who would prefer a more hawkish stance toward recent price gains.
“Looking ahead, homebuyers can expect a continued gradual rise in mortgage rates punctuated by occasional dips that will make for good opportunities to lock-in a rate. While the number of homeowners looking to refinance will be lower as rates rise, some will still be able to reduce their monthly payments through a refinance and anyone considering it should do so sooner rather than later.” — realtor.com® Chief Economist Danielle Hale