Nebraska Mortgage Rates | December 23 2021

December 23, 2021
Michael Petrovich
Uncategorized

Weekly Rate Update

Rates fluctuate every day and are based on several factors. For an exact rate quote, submit your request HERE for a free evaluation.

PMMS 12/23/2021

The average 30-year-fixed rate mortgage dropped to 3.05% during the week ending Dec. 23, after achieving 3.12% the week prior. A year ago, the 30-year fixed-rate mortgage averaged 2.66%.

Sam Khater, Freddie Mac’s chief economist, said in a statement that the COVID-19 Omicron variant is causing market volatility. Despite the decrease in rates last week, the expectation is that rates will increase in 2022.

“As the year comes to a close, the housing market is proceeding steadily. However, rates are expected to increase in 2022, which will impact homebuyer demand as well as refinance activity.”

MBA 12/22/2021

Mortgage applications fell 0.6% for the week ending Dec. 17, with fewer borrowers looking for purchases in the lower end of the market. The decrease was driven by the purchases index falling 3.3% from the previous week on a seasonally adjusted basis. Concurrently, the refi index increased 2.2% from the week prior.

Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in a statement that the average purchase loan increased to $416,200. That marks the second-highest amount ever, indicating more activity in the higher end of the market.

He added, “Home-price appreciation growth remains faster than historical averages, and inventory, particularly for starter homes, continues to trail strong demand.”

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