Mortgage rates average 3.09% | Chappaqua Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.09 percent. “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “Even as the availability of existing homes is improving, prices remain high due to home buyer 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.”

News Facts

30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week ending October 21, 2021, up from last week when it averaged 3.05 percent. A year ago at this time, the 30-year FRM averaged 2.80 percent.

15-year fixed-rate mortgage averaged 2.33 percent with an average 0.7 point, up from last week when it averaged 2.30 percent. A year ago at this time, the 15-year FRM averaged 2.33 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54 percent with an average 0.3 point, down slightly from last week when it averaged 2.55 percent. A year ago at this time, the 5-year ARM averaged 2.87 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent 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. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

This post was last modified on October 25, 2021 10:04 am

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.