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Mortgage Rates Continue To Rise

Mortgage rates, or interest rates on home loans, continues to rise, 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 3.14 percent for the week ending October 28, 2021, up from 3.09 percent last week. A year ago at this time, the average rate was 2.81 percent.

The 15-year FRM this week averaged 2.37 percent, up from 2.33 percent last week. A year ago at this time, the 15-year FRM averaged 2.32 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.56 percent, up from 2.54 percent last week. It was 2.88 percent a year ago.

"The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages," said Sam Khater, Freddie Mac's Chief Economist. "Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers."

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