Mortgage rates are no longer at ultra-low rates below 3% as they were this summer, but housing analysts are reminding house hunters that borrowing costs remain relatively cheap. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.14% this week.

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 28:

*30-year fixed-rate mortgages: averaged 3.14%, with an average 0.7 point, rising from last week’s 3.09% average. A year ago, they averaged 2.81%.

Companies are eager to bring their employees back to the office, but a delay in office equipment could postpone those returns even more. Delays for commercial desktop computers and other equipment are reportedly surging.

“We are looking at up to 120 days’ wait for some large enterprises if they have specific components required, and right now they are planning to receive devices in January and February,” Mikako Kitagawa, a research director at Gartner Inc., told The Wall Street Journal.

Beyond the sentimental attachments that seniors have built for their homes, they also believe homeownership was the smartest financial decision they ever made, a new survey says.

Nearly three in four seniors—74%—say that purchasing their home was their best financial decision, according to a new survey of more than 1,500 respondents ages 60 to 75 conducted by the American Advisors Group. Further, 73% of respondents say that their home has become their most valuable asset.

The 30-year fixed-rate mortgage moved up for the second consecutive week, averaging 3.09%, Freddie Mac reports.

“Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” says Sam Khater, Freddie Mac’s chief economist. “Even as the availability of existing homes is improving, prices remain high due to home buyer demand and limitation on housing starts and permits resulting from the ongoing labor and material shortages.”

The Federal Housing Finance Agency (FHFA) will accept appraisals conducted remotely—without the physical presence of an appraiser—starting in early 2022 for qualifying Fannie Mae– or Freddie Mac–backed mortgages. The government-sponsored enterprises will use public records, including listings and tax appraisals, to process desktop appraisals for purchase loans.

The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.

Home Loan Rates Unexpectedly Dip Below 3%

“Mortgage rates continue to hover at around 3% again this week due to rising economic and financial market uncertainties,” says Sam Khater, Freddie Mac’s chief economist. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”

Builders are up against short supplies of a variety of materials needed to build homes, such as wood paneling, ceiling joists, and pipes. They’re searching for substitutes to keep construction schedules on time, but the process is also adding to their costs.

“Mortgage rates rose across all loan types this week as the 10-year Treasury yield reached its highest point since June,” says Sam Khater, Freddie Mac’s chief economist. “Many factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation, and emerging energy supply shortages, which compound other labor and materials shortages.”

About three in four recent home buyers say they factored in natural disasters when choosing a location for their new home, according to a new survey of about 3,000 consumers conducted by read more | login or register to post comments