Mortgage Rates make a slight tick down 12-09-2021

“Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range,” said Sam Khater, Freddie Mac’s Chief Economist. “Going forward, the path that rates take will be directly impacted by more information about the Omicron variant as it is revealed and the overall trajectory of the pandemic. In the meantime, rates remain low and stable, even as the nation faces declining housing affordability and low inventory.”

The 30-year fixed-rate mortgage averaged 3.10 percent with an average 0.7 point for the week ending December 9, 2021, down slightly from last week when it averaged 3.11 percent. A year ago at this time, the 30-year FRM averaged 2.71 percent.

The 15-year fixed-rate mortgage averaged 2.38 percent with an average 0.7 point, down slightly from last week when it averaged 2.39 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45 percent with an average 0.3 point, down from last week when it averaged 2.49 percent. A year ago at this time, the 5-year ARM averaged 2.79 percent.