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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."

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