The average 30-year, fixed-rate mortgage dropped to 2.9% from last week’s 2.98% in Freddie Mac’s weekly survey. The 15-year loan and ARM rates also declined.
MCLEAN, Va. – The 30-year fixed-rate mortgage (FRM) averaged 2.90% last week, according to Freddie Mac’s weekly survey. It’s a notable decline from week’s 2.98% average, but it continues a months-long pattern of rates slightly above or below 3%.
“Mortgage rates decreased last week following the dip in U.S. Treasury yields,” says Sam Khater, Freddie Mac’s chief economist. “While mortgage rates tend to follow Treasury yields closely, other factors can be impactful, such as the labor markets, which are continuing to improve per last week’s jobs report.
Khater still thinks economic growth will “gradually drive interest rates higher – but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around 3%.”
Mortgage rates, week of July 8, 2021:
- The 30-year fixed-rate mortgage averaged 2.90% with an average 0.6 point, down from last week’s 2.98%. A year ago, the 30-year FRM averaged 3.03%.
- The 15-year fixed-rate mortgage averaged 2.20% with an average 0.7 point, down from last week’s 2.26%. A year ago at this time, the 15-year FRM averaged 2.51%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52% with an average 0.2 point, down from last week’s 2.54%. A year ago, the 5-year ARM averaged 3.02%.
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