Real estate watchers continue to fixate on mortgage and refinance rate changes as we head toward year’s end. And while some key rate options retreated from last week, the popular 30-year fixed rate mortgage hit highs not seen since early Spring.
The average 30-year fixed mortgage interest rate is 3.18 percent, according to CNET. For comparison, the average was 2.80 percent one year ago. This week’s average is also well above the all-time low of 2.65 percent during the week ending Jan. 7, 2021.
The average rate for a 15-year, fixed mortgage is 2.46 percent, an increase of three basis points compared to this time last week. A 5/1 adjustable-rate mortgage has an average rate of 3.18 percent, down three basis points from the same time last week.
“Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” Freddie Mac Chief Economist Sam Khater said in a statement. “Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages.”
On the refi front, the average 30-year fixed refinance rate right is 3.16 percent, a decrease of one basis point. The 15-year fixed refinances rate is currently at 2.45 percent, up four basis points compared to last week. The average rate for a 10-year fixed refinance is 2.43 percent, an increase of six basis points over last week.