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ABBA First Mortgage News

Rates continue to climb

For the week ending October 28, 30-year rates rose to 3.14% from 3.09% the week before.

 

In addition, 15-year loans increased to 2.37% and the average for five-year ARMs rose to 2.56%. A year ago, 30-year fixed rates averaged 2.81%, more than .25% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “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. Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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