Omicron variant holds mortgage rates flat

mortgage rates

MCLEAN, Va. — Freddie Mac’s Primary Mortgage Market Survey (PMMS), shows that the 30-year fixed-rate mortgage averaged 3.11%, keeping relatively level due to developments in the COVID-19 pandemic.

“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” said 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.”

  • 30-year fixed-rate mortgage averaged 3.11% with an average 0.6 point for the week ending December 2, up slightly from last week when it averaged 3.10%. A year ago at this time, the 30-year FRM averaged 2.71%.
  • 15-year fixed-rate mortgage averaged 2.39% with an average 0.6 point, down from last week when it averaged 2.42%. A year ago at this time, the 15-year FRM averaged 2.26%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.49% with an average 0.3 point, up from last week when it averaged 2.47%. A year ago at this time, the 5-year ARM averaged 2.86%.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

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