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. The 30-year fixed-rate mortgage averaged 3.11%, Freddie Mac reports.
“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, 30-year rates 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, 15-year rates averaged 2.26%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.49%, with an average 0.3 point, increasing from last week’s 2.47% average. A year ago, 5-year ARMs averaged 2.86%.
Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage.