Nebraska Mortgage Rates | November 5 2021

November 5, 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 11/04/2021

The average 30-year-fixed rate mortgage dropped to 3.09% during the week ending Nov. 4, down from 3.14% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey.

Most economists believe mortgage rates will climb following as the Federal Reserve tightens monetary policy.

“While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

The 15-year-fixed-rate mortgage averaged 2.35% last week, down from 2.37% the week prior. A year ago at this time, it averaged 2.32%. The tapering will begin soon thanks to economic “substantial further progress,” according to the central bank.

MBA 11/03/2021

Mortgage applications decreased 3.3% from the previous week ending October 29, according to the latest Mortgage Bankers Association survey.

Mortgage rates also declined. The average contract interest rate for a 30-year fixed rate mortgage with conforming loan balances (greater than $548,250) decreased to 3.24% from 3.3% – the first decrease since August.

“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth, and rising inflation pushed Treasury yields lower,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

“Most of the decline in rates came later in the week, which is likely why refinance applications declined to the lowest level since January 2020, and the overall share of activity fell to the lowest since July 2021,” Kan added.

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