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Mortgage Rates Inches Up

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 30, 2021, up from 3.05 percent last week. A year ago at this time, the average rate was 2.67 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 2.17 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.41 percent, up from 2.37 percent last week. It was 2.71 percent a year ago.

"Mortgage rates have effectively been moving sideways despite the increase in new COVID cases. This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing. Moreover, low interest rates and high asset valuations continue to drive consumer spending," said Sam Khater, Freddie Mac's Chief Economist. "While we do expect rates to rise, the push of the first-time homebuyer demographic that's been propelling the purchase market will continue in 2022 and beyond."

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