Mortgage Rates Climb Higher in the Week Ending October 21, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 21, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05% percent. A year ago, at this time, the 30-year FRM averaged 2.80%.

The 15-year fixed-mortgage averaged 2.33% with an average 0.7 point, up from last week when it averaged 2.30%. A year ago, at this time, the 15-year FRM averaged 2.33%.

In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “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.”