Mortgage Rates Fall Back Below 3% During the Week Ending October 7, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 7, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.99% with an average 0.7 point, down slightly from last week when it averaged 3.01%. A year ago, at this time, the 30-year FRM averaged 2.87%.

The 15-year fixed-mortgage averaged 2.23% with an average 0.7 point, down from last week when it averaged 2.28%. A year ago, at this time, the 15-year FRM averaged 2.37%.

In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties. Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”