LGIH - Mortgage rates inch higher to crawl slightly above 3%

Driven by rising inflation and consumer spending, 30-year fixed-rate mortgage averaged 3.1% with an average 0.7 point for the week ending Nov. 18, 2021, up from last week when it averaged 2.98% and higher than year ago the 30-year FRM averaged 2.72%, according to the Freddie Mac Primary Mortgage Survey. The government reported last week that prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leading to the highest inflation rate since 1990. "Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices," Freddie Mac’s Chief Economist Sam Khater commented. 15-year fixed-rate mortgage averaged 2.39% with an average 0.6 point, up from last week when it averaged 2.27% and a year ago at this time, the 15-year FRM averaged 2.28%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 2.49% with an average 0.3 point, down from last

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Mortgage rates inch higher to crawl slightly above 3%