Mortgage interest rates drop after COVID-19 spread across the US latest data From Freddie Mac.
The 30-year mortgage fell seven percentage points — 3.05% APR — due to “market volatility” for the week ended December 23, 2021.
“As the year comes to a close, the housing market continues to grow rapidly,” said Sam Khatter, chief economist at Freddie Mac. However, rates are expected to rise in 2022 which will fuel homebuyer demand as well as refinancing activity. will also be affected.”
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The housing market awaits the Omicron effect
The 15-year traditional lending rate also dropped to 2.3% a week before Christmas. it was a drop 2.34% weeks ago, but up from 2.19% in the same period last year. The five-year Treasury indexed hybrid adjustable-rate mortgage also fell to 2.37%, compared to 2.45% last week and 2.79% at the same time in 2020.
“Investors kept a watchful wait-and-see approach to the Omicron version, as signs point to high levels of contagion, but low levels of severe symptoms,” said George Ratio, economic research manager at Realtor.com. “In positive news, this week saw an upward revision in third quarter GDP and current home sales growth, pointing to an active market in a historically slow season.”
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Real estate markets remain “unseasonably lively” during the holidays
Despite the expected slowdown in the housing market during the holiday season, Possible hike in interest rates by 2022 Has kept the industry active for potential borrowers.
“As we enter the holiday season and many families look forward to the festivities and a bit of respite from another challenging year, the real estate markets remain unseasonably vibrant,” Ratiu said. “Buyers who continue to close contracts for both new and existing homes are quick to lock in lower mortgage rates before they rise. From a combination of rising inflation and the Federal Reserve’s accelerated tapering of purchases of mortgage-backed securities. Interest rates are expected to rise in 2022, straining the budgets of many buyers.”
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