After a two-week reprieve, mortgage rates saw a big increase for the week, according to the latest data from Freddie Mac…(FM)
- 30-YR FIXED saw a big jump with a 12 basis point increase to an average 3.10% for the week ending November 18, 2021. This is 38 basis points higher than the same last year.
- 15-YR FIXED also saw a big jump with a 12 basis points increase to an average 2.39% for the week ending November 18, 2021. This is 11 basis points higher than the same time last year.
Sam Khater, Freddie Mac’s Chief Economist, said that rising inflation and an increase in consumer spending is driving rates higher which is compounding issues facing the housing market right now…
- “Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This reality illustrates the challenging situation facing the housing market.”