Mortgage rates jumped above 3% for the first time in October, according to the latest Freddie Max weekly survey…(Freddie Mac)
- 30-YR FIXED: The average rate jumped 6 basis points to 3.05% for the week ending October 14, 2021. This 24 basis points higher than the same time one year ago.
- 15-YR FIXED: The average rate jumped 7 basis points to 2.30% for the week ending October 14, 2021. This is actually 5 basis points lower than the same time one year ago.
Sam Khater, Freddie Mac’s Chief Economist said rates and home prices are moving up together creating affordability issues…
- “As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing…Rising mortgage rates combined with growing home prices make affordability more challenging for potential homebuyers.”