Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Should Buyers Be Scared That Mortgage Rates Are Rising?

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%.

*15-year fixed-rate mortgages: averaged 2.37%, with an average 0.7 point, increasing from last week’s 2.33% average. A year ago, they averaged 2.32%.

Freddie Mac reports average commitment rates along with points to better reflect the total upfront cost of obtaining the mortgage.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, October 28, 2021,” National Association of REALTORS® Economists’ Outlook (Oct. 28, 2021)

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