30-Year Mortgage Rate Creeps Higher, 15-Year Inches Lower in the Week Ending December 16, 2021

Original Source:
Mortgage Rates Inch Up

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending December 16, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.12% with an average 0.6 point, up from last week when it averaged 3.10%. A year ago, at this time, the 30-year FRM averaged 2.67%.

The 15-year fixed-mortgage averaged 2.34% with an average 0.7 point, down from last week when it averaged 2.38%. A year ago, at this time, the 15-year FRM averaged 2.21%

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates inched up as a result of economic improvement and a shift in monetary policy guidance. While house price growth is slowing, prices remain high due to solid housing demand and low supply. We expect rates to continue to increase into 2022 which may leave some potential homebuyers with less room in their budgets on the sideline.”

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