Mortgage Rates Remain Relatively Flat

Rhea-AI Summary

On December 2, 2021, Freddie Mac (OTCQB: FMCC) announced the results of its Primary Mortgage Market Survey, revealing that the 30-year fixed-rate mortgage averaged 3.11%. This marks a slight increase from last week's average of 3.10%, and a notable rise from 2.71% a year ago. The 15-year fixed-rate mortgage averaged 2.39%, down from 2.42% last week, while the 5-year ARM averaged 2.49%. Freddie Mac's Chief Economist, Sam Khater, highlighted the stability of mortgage rates amidst market volatility.

Positive

• 30-year fixed-rate mortgage remains low at 3.11%, supporting refinancing opportunities.
• Market stability in mortgage rates despite economic fluctuations may encourage home buying.

Negative

• Increase in the 30-year mortgage rate from the previous week may deter some potential home buyers.
• 15-year mortgage rate has decreased slightly, indicating mixed performance in the lending market.

MCLEAN, Va., Dec. 02, 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 3.11 percent.

“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” said Sam Khater, Freddie Mac’s Chief Economist. “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”

News Facts

• 30-year fixed-rate mortgage averaged 3.11 percent with an average 0.6 point for the week ending December 2, 2021, up slightly from last week when it averaged 3.10 percent. A year ago at this time, the 30-year FRM averaged 2.71 percent.
• 15-year fixed-rate mortgage averaged 2.39 percent with an average 0.6 point, down from last week when it averaged 2.42 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 2.49 percent with an average 0.3 point, up from last week when it averaged 2.47 percent. A year ago at this time, the 5-year ARM averaged 2.86 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/f31ff350-6487-4f7a-a986-60b8cc760109

FAQ

What was the average 30-year fixed-rate mortgage on December 2, 2021?

The average 30-year fixed-rate mortgage was 3.11%.

How did the 30-year mortgage rate change compared to last week?

It increased from 3.10% to 3.11%.

What is the average rate for a 15-year fixed-rate mortgage as of December 2, 2021?

The average rate for a 15-year fixed-rate mortgage was 2.39%.

What are the implications of stable mortgage rates for homeowners?

Stable mortgage rates may provide favorable conditions for refinancing.

Who released the mortgage rate survey for December 2, 2021?

Freddie Mac released the Primary Mortgage Market Survey.