Mortgage Rates Continue to Move Sideways Heading into 2022
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“Mortgage rates have effectively been moving sideways despite the increase in new COVID cases. This is because incoming economic data suggests that the economy remains on firm ground, particularly in cyclical industries like manufacturing and housing. Moreover, low-interest rates and high asset valuations continue to drive consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “While we do expect rates to rise, the push of the first-time homebuyer demographic that’s been propelling the purchase market will continue in 2022 and beyond.”
The 30-year fixed-rate mortgage averaged 3.11 percent with an average 0.7 point for the week ending December 30, 2021, up from last week when it averaged 3.05 percent. A year ago at this time, the 30-year FRM averaged 2.67 percent.
The 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 2.17 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.41 percent with an average 0.5 point, up from last week when it averaged 2.37 percent. A year ago at this time, the 5-year ARM averaged 2.71 percent.
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