Mortgage Rates Climb Back Above 3% in the Week Ending November 18, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point up from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 2.72%.

The 15-year fixed-mortgage averaged 2.39% with an average 0.6 point, up from last week when it averaged 2.27%. A year ago, at this time, the 15-year FRM averaged 2.28%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “The combination of rising inflation and consumer spending is driving mortgage rates higher. Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This reality illustrates the challenging situation facing the housing market.”