By Matt Grossman

 

Mortgage rates climbed further in the last week, according to Freddie Mac's latest survey.

For the week ended Thursday, the rate on a 30-day fixed rate mortgage averaged 3.09%, up from 3.05% last week. The rate averaged 2.8% a year ago.

Rates on 15-year fixed-rate mortgages averaged 2.33%, up from 2.3% in the previous week. The rate averaged 2.33% a year earlier, according to Freddie Mac.

Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, on average stood at 2.54%, down from 2.55% last week and lower than the 2.87% rate a year earlier.

"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," Freddie Mac Chief Economist Sam Khater said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

October 21, 2021 10:14 ET (14:14 GMT)

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