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Mortgage Rates Rise Above Three Percent

Mortgage rates, or interest rates on home loans, rose above three percent, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.01 percent for the week ending September 30, 2021, up from 2.88 percent last week. A year ago at this time, the average rate was 2.88 percent.

The 15-year FRM this week averaged 2.28 percent, up from 2.15 percent last week. A year ago at this time, the 15-year FRM averaged 2.36 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.48 percent, up from 2.43 percent last week. It was 2.90 percent a year ago.

"Mortgage rates rose across all loan types this week as the 10-year U.S. Treasury yield reached its highest point since June," said Sam Khater, Freddie Mac's Chief Economist. "Many factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation and emerging energy supply shortages which compound other labor and materials shortages."

Khater continued, "We expect mortgage rates to continue to rise modestly which will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year."

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