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ABBA First Mortgage News

Slight improvement in rate before crashing and burning the following week beginning on Nov 8th

The 30 year rate went from an average of 3.14% to 3.09% for the week ending on Thursday 11/1/21. 15-year loans eased to 2.35% and the average for five-year ARMs decreased to 2.54%.  A year ago, 30-year fixed rates averaged 2.78%, more than .25% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus. That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities.”

 

 

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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