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Mortgage Rates Rise Above 3%

Mortgage rates, or interest rates on home loans, breached the three percent mark, 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 3.05 percent for the week ending October 14, 2021, up from 2.99 percent last week. A year ago at this time, the average rate was 2.81 percent.

The 15-year FRM this week averaged 2.30 percent, up from 2.23 percent last week. A year ago at this time, the 15-year FRM averaged 2.35 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.55 percent, up from 2.52 percent last week. It was 2.90 percent a year ago.

"The 30-year fixed-rate mortgage rose to its highest point since April," said Sam Khater, Freddie Mac's Chief Economist. "As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing."

Khater continued, "Historically speaking, rates are still low, but many potential homebuyers are staying on the sidelines due to high home price growth. Rising mortgage rates combined with growing home prices make affordability more challenging for potential homebuyers."

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