Mortgage rates follow Treasury yields amid rising Delta variant fears

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 2.77 percent.

“With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury (TSRMF) yields drift lower and consequently mortgage rates followed suit,” said Sam Khater, Chief Economist at Freddie Mac. “The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home.”

News Facts

• 30-year fixed-rate mortgage averaged 2.77 percent with an average 0.6 point for the week ending August 5, 2021, down from last week when it averaged 2.80 percent. A year ago at this time, the 30-year FRM averaged 2.88 percent.
• 15-year fixed-rate mortgage averaged 2.10 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.44 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.40 percent with an average 0.4 point, down from last week when it averaged 2.45 percent. A year ago at this time, the 5-year ARM averaged 2.90 percent.