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ABBA First Mortgage News

Rates have worsened for almost 2 weeks until Wednesday the 27th, when they improved for the first time.

As of Tuesday, October 26, rates continued rise slowly.  However, on Wednesday, we saw the rates improve for the first time in several days which was a nice reprieve.

Mortgage rates continued to move higher in the past week. For the week ending October 21, 30-year rates rose to 3.09% from 3.05% the week before.  In addition, 15-year loans increased to 2.33% and the average for five-year ARMs fell slightly to 2.54%. A year ago, 30-year fixed rates averaged 2.80%, approximately .25% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic. Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the year.”

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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