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Mortgage Rates Continue To Climb

Mortgage rates, or interest rates on home loans, continues to increase, 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 3.09 percent for the week ending October 21, 2021, up from 3.05 percent last week. A year ago at this time, the average rate was 2.80 percent.

The 15-year FRM this week averaged 2.33 percent, up from 2.30 percent last week. A year ago at this time, the 15-year FRM averaged 2.33 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.54 percent, down from 2.55 percent last week. It was 2.87 percent a year ago.

"Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic," said Sam Khater, Freddie Mac's Chief Economist. "Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the year."

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