Mortgage Rates Show Little Movement

Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) is 3.10% for the week ending December 9, 2021, a slight decrease from 3.11% the prior week.

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) is 3.10% for the week ending December 9, 2021, a slight decrease from 3.11% the prior week. A year ago, the average was 2.71%. The 15-year FRM averaged 2.38%, down from 2.39%, while the 5-year Treasury-indexed ARM averaged 2.45%, down from 2.49%. Chief Economist Sam Khater noted that mortgage rates remain stable but are influenced by the ongoing pandemic and housing affordability challenges.

Positive

• 30-year FRM decreased to 3.10% from 3.11% week-over-week.
• Stable mortgage rates provide potential affordability for buyers.

Negative

• Mortgage rates remain significantly higher than a year ago (2.71% for 30-year FRM).
• Declining housing affordability and low inventory could impact market growth.

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MCLEAN, Va., Dec. 09, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.10 percent.

“Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range,” said Sam Khater, Freddie Mac’s Chief Economist. “Going forward, the path that rates take will be directly impacted by more information about the Omicron variant as it is revealed and the overall trajectory of the pandemic. In the meantime, rates remain low and stable, even as the nation faces declining housing affordability and low inventory.”

News Facts

• 30-year fixed-rate mortgage averaged 3.10 percent with an average 0.7 point for the week ending December 9, 2021, down slightly from last week when it averaged 3.11 percent. A year ago at this time, the 30-year FRM averaged 2.71 percent.
• 15-year fixed-rate mortgage averaged 2.38 percent with an average 0.7 point, down slightly from last week when it averaged 2.39 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45 percent with an average 0.3 point, down from last week when it averaged 2.49 percent. A year ago at this time, the 5-year ARM averaged 2.79 percent.
  

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a81420f6-9262-4688-a0e6-1bdeb949a5be

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the current average mortgage rate from Freddie Mac as of December 9, 2021?

The average 30-year fixed-rate mortgage is 3.10% as of December 9, 2021.

How does the current mortgage rate compare to last year?

A year ago, the average 30-year fixed-rate mortgage was 2.71%.

What did Freddie Mac's Chief Economist say about mortgage rates?

Sam Khater stated that rates are stable but influenced by the ongoing pandemic.

What are the average rates for different mortgage types reported by Freddie Mac?

The 15-year FRM averaged 2.38% and the 5-year ARM averaged 2.45%.

What factors might impact future mortgage rates according to the press release?

Future mortgage rates are expected to be impacted by information about the Omicron variant and the pandemic's trajectory.