Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.09% for the week ending October 21.
“Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” observes Sam Khater, Freddie Mac’s chief economist. “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.”
The 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05%. A year ago at this time, the 30-year FRM averaged 2.80%.
The 15-year fixed-rate mortgage averaged 2.33% with an average 0.7 point, up from last week when it averaged 2.30%. A year ago at this time, the 15-year FRM averaged 2.33%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54% with an average 0.3 point, down slightly from last week when it averaged 2.55%. A year ago at this time, the 5-year ARM averaged 2.87%.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.