Mortgage Rates Make Slight Shift

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) announced in its latest Primary Mortgage Market Survey that the average 30-year fixed-rate mortgage rate is now 2.80%, a slight increase from the previous week's 2.78%. This low rate reflects continued economic recovery as the nation grapples with COVID-19 variants. The survey also noted a record low for the 15-year fixed-rate mortgage at 2.10%. The PMMS targets borrowers with excellent credit and 20% down payments, illustrating Freddie Mac's ongoing commitment to enhancing housing affordability across the U.S.

Positive

• 30-year fixed-rate mortgage at 2.80%, encouraging potential homeowners.
• 15-year fixed-rate mortgage hits a record low of 2.10%.
• Continued low rates support housing accessibility.

Negative

• None.

MCLEAN, Va., July 29, 2021 (GLOBE NEWSWIRE) -- 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 2.80 percent.

“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time,” said Sam Khater, Chief Economist at Freddie Mac. “Largely due to the current environment, the 30-year fixed-rate remains below three percent for the fifth consecutive week while the 15-year fixed-rate hits another record low.”

News Facts

• 30-year fixed-rate mortgage averaged 2.80 percent with an average 0.7 point for the week ending July 29, 2021, up from last week when it averaged 2.78 percent. A year ago at this time, the 30-year FRM averaged 2.99 percent.
• 15-year fixed-rate mortgage averaged 2.10 percent with an average 0.7 point, down from last week when it averaged 2.12 percent. A year ago at this time, the 15-year FRM averaged 2.51 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45 percent with an average 0.3 point, down from last week when it averaged 2.49 percent. A year ago at this time, the 5-year ARM averaged 2.94 percent.
  

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT: 
Angela Waugaman 
703-714-0644 
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4bf63c71-d2ac-4a62-b652-aa4d8f719de4

FAQ

What is the current average rate for 30-year fixed-rate mortgages according to FMCC?

The current average rate for 30-year fixed-rate mortgages is 2.80%.

How does FMCC's 15-year fixed-rate mortgage rate compare to last week?

The 15-year fixed-rate mortgage decreased to 2.10% from 2.12% last week.

What was the average 5-year ARM rate in the latest FMCC survey?

The average 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) is 2.45%.

How often does FMCC release its Primary Mortgage Market Survey?

FMCC releases its Primary Mortgage Market Survey weekly.

What factors influence the mortgage rates published by FMCC?

The mortgage rates are influenced by the overall economic environment and the COVID-19 pandemic.