Mortgage Rates Creep Higher in the Week Ending October 28, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 28, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.14% with an average 0.7 point, up from last week when it averaged 3.09%. A year ago, at this time, the 30-year FRM averaged 2.81%.

The 15-year fixed-mortgage averaged 2.37% with an average 0.7 point, up from last week when it averaged 2.33%. A year ago, at this time, the 15-year FRM averaged 2.32%.

In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages. Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.”