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Mortgage Rates Flat in Latest Week

By Matt Grossman

 

Average rates on residential mortgages were roughly flat in the week through Wednesday, according to government mortgage-finance company Freddie Mac.

Freddie Mac's weekly data, usually delivered on Thursdays, were out a day early ahead of Thanksgiving this week.

The average 30-year fixed-rate mortgage carried a rate of 3.1% this week, unchanged from a week earlier, according to Freddie Mac's survey. The rate a year ago was 2.72%.

Fifteen-year mortgages averaged 2.42%, up from 2.39% last week. Last year at this time, the 15-year mortgage averaged 2.28%.

The rate on five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, averaged 2.47% in the latest week, down from 2.49% last week. The five-year ARM averaged 3.16% a year ago.

Economic uncertainty notwithstanding, mortgage rates have been quite steady this year, Freddie Mac Chief Economist Sam Khater noted.

"Despite the noise around the economy, inflation and monetary policy, mortgage rate volatility has been low," he said. "For most of 2021, mortgage rates have stayed within half a percentage point, which is a smaller range than in past years."

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

November 24, 2021 10:14 ET (15:14 GMT)

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