logo
  

Mortgage Rates Drop Below 3%

Mortgage rates, or interest rates on home loans, slipped below three percent after breaching the mark last week, 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 2.99 percent for the week ending October 7, 2021, down from 3.01 percent last week. A year ago at this time, the average rate was 2.87 percent.

The 15-year FRM this week averaged 2.23 percent, down from 2.28 percent last week. A year ago at this time, the 15-year FRM averaged 2.37 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.52 percent, up from 2.48 percent last week. It was 2.89 percent a year ago.

"Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties," said Sam Khater, Freddie Mac's Chief Economist. "Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla Inc. founder and CEO Elon Musk has sold some of his stake in the luxury electric car maker to avoid an emergency sale of its stock in the event of a forceful Twitter deal. Twitter Inc. and Tesla shares were gaining more than 4 percent in the pre-market activity on the NYSE and Nasdaq, respectively, following the news. Meta Platforms Inc., the parent of Facebook, Instagram, and WhatsApp, has added three more new privacy features to WhatsApp in its bid to enhance control and privacy on the popular messaging app. These features will give the user more control over their messages with added interlocking layers of protection. Insurance company Prudential plc reported Wednesday a sharp drop in first-half pre-tax profit. On an after-tax basis, the company recorded a profit, compared to last year's hefty loss, due to the absence of prior year's loss from discontinued operations. Separately, Prudential announced its 2022 first interim dividend of 5.74 US cents per ordinary share, which will be paid on September 27.
Follow RTT