Mortgage Rates Continue Their Climb

For the second week in a row mortgage rates moved up, according to the latest data from Freddie Mac…(Freddie Mac)

  • 30-YR FIXED jumped 4 basis points to average 3.09% for the week ending October 21, 2021. This is 29 basis points higher than the rate one year ago.
  • 15-YR FIXED was up 3 basis points to average 2.33% for the week ending October 21st. This is unchanged from the rate one year ago.

 Sam Khater, Freddie Mac’s Chief Economist, said even with a slightly higher inventory level affordability remains an issue…

  • “Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the year.”