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Mortgage interest rates dropped after the COVID-19 omicron variant began spreading across the U.S., according to the latest data from Freddie Mac. 

“Market volatility” caused the 30-year mortgage to drop seven percentage points – to 3.05% APR – for the week ending Dec. 23, 2021.

“As the year comes to a close, the housing market is proceeding steadily, said Freddie Mac Chief Economist Sam Khater. “However, rates are expected to increase in 2022 which will impact homebuyer demand as well as refinance activity.”