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Mortgage Rates Inch Up Slightly

Mortgage rates, or interest rates on home loans, inched up slightly 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 3.11 percent for the week ending December 2, 2021, up slightly from 3.10 percent last week. A year ago at this time, the average rate was 2.71 percent.

The 15-year FRM this week averaged 2.39 percent, down from 2.42 percent last week. A year ago at this time, the 15-year FRM averaged 2.26 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.49 percent, up from 2.47 percent last week. It was 2.86 percent a year ago.

"Mortgage rates continue to remain stable notwithstanding volatility in the financial markets," said Sam Khater, Freddie Mac's Chief Economist. "The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing."

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