logo
  

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Privately-held biotechnology company On Target Laboratories, Inc. announce that the U.S. Food and Drug Administration or FDA, has approved Cytalux (pafolacianine) for adult patients with ovarian cancer as an adjunct for intraoperative identification of malignant lesions. Cytalux is the first targeted fluorescent imaging agent that illuminates ovarian cancer intraoperatively. The Federal Trade Commission or FTC has ordered Walmart, Amazon, Kroger and certain other large wholesalers and suppliers to provide information to help it study causes of supply chain disruptions. The agency has launched an inquiry to find the reasons for empty shelves and exorbitant prices. Along with Walmart, Amazon.com, and Kroger, the order has been sent to C&S Wholesale Grocers, Associated.. Covid vaccine maker Moderna Inc.'s Chief Executive Stéphane Bancel has predicted that existing COVID-19 vaccines will be much less effective against Omicron than earlier strains, according to the Financial Times.
RELATED NEWS
Follow RTT