Mortgage rates stay steady at 3.55 percent

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Real Estate

The average 30-year-fixed rate mortgage remained flat for the third consecutive week at 3.55% for the week ending Feb. 3, reflecting the impacts of the Omicron variant in the economy, according to the latest Freddie Mac PMMS Mortgage Survey.

A year ago, the 30-year fixed-rate mortgage averaged 2.73%. The PMMS report is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

“This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months,” Sam Khater, Freddie Mac’s chief economist, said in a statement.  

Mortgage rates usually moves in concert with the 10-year Treasury yield, which reached 1.78% yesterday, compared to 1.85% on the previous Wednesday. The 15-year-fixed-rate mortgage averaged 2.77% last week, down from 2.80% the week prior. A year ago at this time, it averaged 2.21%.

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