Mortgage Rates Tick Up – Nov. 18, 2021

“The combination of rising inflation and consumer spending is driving mortgage rates higher,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

The 30-year fixed-rate mortgage averaged 3.10 percent with an average 0.7 point for the week ending November 18, 2021, up from last week when it averaged 2.98 percent. A year ago at this time, the 30-year FRM averaged 2.72 percent.
The 15-year fixed-rate mortgage averaged 2.39 percent with an average 0.6 point, up from last week when it averaged 2.27 percent. A year ago at this time, the 15-year FRM averaged 2.28 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.49 percent with an average 0.3 point, down from last week when it averaged 2.53 percent. A year ago at this time, the 5-year ARM averaged 2.85 percent.
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