Nebraska Mortgage Rates | October 22 2021

October 22, 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 10/21/2021

The average 30-year-fixed rate mortgage climbed to 3.09% during the week ending Oct. 21, rising from 3.05% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey.

Sam Khater, Freddie Mac’s chief economist, said in a statement “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic.”

A year ago, the 30-year fixed-rate mortgage averaged 2.80%. Most economists believe they’ll continue to climb. Rising mortgage rates and paltry inventory will make things harder for homebuyers as well.

“Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages,” Khater said. “Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the year.”

MBA 10/20/2021

Mortgage application activity dropped 6.3% for the week ending Oct. 15, according to the latest Mortgage Bankers Association survey. And, as you might have guessed, mortgage rates had a lot to do with it.

“The 30-year fixed-rate has increased 20 basis points over the past month and reached 3.23% last week – the highest since April 2021. The 15-year fixed-rate increased to 2.54%, which is the highest since July,” said Joel Kan, the MBA’s associate vice president of economic and industry forecasting.

According to Kan, “insufficient housing supply and elevated home-price growth” are limiting options for

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