HUD Articles

Mortgage rates dip as Omicron variant triggers market volatility

30-year mortgage rates fell to 3.05%, down 7 basis points from the week prior, according to Freddie Mac’s most recent lender survey, released Thursday.

Buyers who locked in mortgage rates this week got a bit of a reprieve as they continued to race to get ahead of the long-term rate increases to come.

The average rate for a 30-year mortgage fell to 3.05 percent, down 7 basis points from the week before, according to Freddie Mac’s most recent lender survey.

“The market volatility resulting from the COVID-19 Omicron variant is causing mortgage rates to decrease,” Freddie Mac Chief Economist Sam Khater said in a statement. “As the year comes to a close, the housing market is proceeding steadily. However, rates are expected to increase in 2022 which will impact homebuyer demand as well as refinance activity.” (Source inman news - 12-23-2021)