Mortgage rates inch further down in line with Treasury yields drop

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 2.78 percent.

“Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” said Sam Khater, Freddie Mac’s Chief Economist. “While the economy continues to mend, Treasury (TSRMF) yields have decreased, and mortgage rates have followed suit. Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices.”

Khater continued, “However, these declining rates provide yet another opportunity for homeowners to save money on their monthly mortgage payment through a refinance.”

News Facts

• 30-year fixed-rate mortgage averaged 2.78 percent with an average 0.7 point for the week ending July 22, 2021, down from last week when it averaged 2.88 percent. A year ago at this time, the 30-year FRM averaged 3.01 percent.
• 15-year fixed-rate mortgage averaged 2.12 percent with an average 0.7 point, down from last week when it averaged 2.22 percent. A year ago at this time, the 15-year FRM averaged 2.54 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.49 percent with an average 0.4 point, up from last week when it averaged 2.47 percent. A year ago at this time, the 5-year ARM averaged 3.09 percent.