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Mortgage Rates Rise

Mortgage rates, or interest rates on home loans, increase from 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 3.10 percent for the week ending November 18, 2021, up from 2.98 percent last week. A year ago at this time, the average rate was 2.72 percent.

The 15-year FRM this week averaged 2.39 percent, up from 2.27 percent last week. A year ago at this time, the 15-year FRM averaged 2.28 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.49 percent, down from 2.53 percent last week. It was 2.85 percent a year ago.

"The combination of rising inflation and consumer spending is driving mortgage rates higher," said Sam Khater, Freddie Mac's Chief Economist. "Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This reality illustrates the challenging situation facing the housing market."

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