Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Mortgage Rates Remain Stable—For Now

Mortgage rates held steady this week as the world awaits more information about the severity of the omicron variant of COVID-19 and ongoing supply chain issues.

“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 2:

*30-year fixed-rate mortgages: averaged 3.11%, with an average 0.6 point, rising slightly from last week’s 3.10% average. Last year at this time, they averaged 2.71%.

*15-year fixed-rate mortgages: averaged 2.39%, with an average 0.6 point, dropping from last week’s 2.42% average. A year ago, they averaged 2.26%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, December 2, 2021,” National Association of REALTORS® Economists’ Outlook blog (Dec. 2, 2021)

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