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Thursday, July 1, 2021

Mortgage rates inch down below 3%

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent.

“Economic growth remains steady and is bolstering more segments of the economy,” said Sam Khater, Freddie Mac’s Chief Economist. “Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.”

News Facts

  • 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.6 point for the week ending July 1, 2021, down from last week when it averaged 3.02 percent. A year ago at this time, the 30-year FRM averaged 3.07 percent.
  • 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.7 point, down from last week when it averaged 2.34 percent. A year ago at this time, the 15-year FRM averaged 2.56 percent.
  • 5-year Treasury (TSRMF)-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54 percent with an average 0.3 point, up slightly from last week when it averaged 2.53 percent. A year ago at this time, the 5-year ARM averaged 3.00 percent.

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