Mortgage Rates Flat in Latest Week Going into 2022

By Adriano Marchese

Average rates on residential mortgages moved sideways in the week through Thursday, according to government mortgage-finance company Freddie Mac.

The average 30-year fixed-rate mortgage had a rate of 3.11% for the week ended Thursday, up slightly from 3.05% a week earlier, according to Freddie Mac's survey. The rate a year ago was 2.67%.

Fifteen-year mortgages averaged 2.33%, lower than the 2.30% average last week. Last year at this time, the 15-year mortgage averaged 2.17%.

The rate on five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, averaged 2.41% in the latest week, up from 2.37% last week. The five-year ARM averaged 2.71% a year earlier.

"Mortgage rates have effectively been moving sideways despite the increase in new Covid cases. This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing," Freddie Mac Chief Economist Sam Khater said.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

December 30, 2021 10:33 ET (15:33 GMT)

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