US mortgage rates increased again this week but remain relatively stable despite market volatility and economic threats from the Omicron COVID variant.
Freddie Mac’s latest Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage averaged 3.11% in the week ending Dec. 2, up one basis point from the previous week. A year ago at this time, the benchmark home loan rate was just 2.71%.
In a statement, Freddie Mac chief economist Sam Khater said “the consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”