Mortgage Rates Trend Down
Freddie Mac (OTCQB: FMCC) reported a decline in mortgage rates, with the 30-year fixed-rate mortgage averaging 2.78% as of July 22, 2021, down from 2.88% the previous week and 3.01% a year ago. The 15-year fixed-rate mortgage also decreased to 2.12% from 2.22%, whereas the 5-year adjustable-rate mortgage slightly rose to 2.49%. Chief Economist Sam Khater noted that the pandemic's Delta variant is influencing economic growth and limiting homebuyer access to low rates due to low inventory and high prices, despite opportunities for refinancing.
- 30-year fixed-rate mortgage decreased to 2.78% from 2.88% week-over-week.
- 15-year fixed-rate mortgage dropped to 2.12% from 2.22% week-over-week.
- 5-year adjustable-rate mortgage increased to 2.49% from 2.47% week-over-week, but down from 3.09% a year ago.
- Concerns regarding the Delta variant are affecting economic growth.
- Low inventory and high prices are limiting homebuyers' ability to take advantage of low mortgage rates.
MCLEAN, Va., July 22, 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 2.78 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 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.
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/ec9c7813-5161-4c18-853b-4371358c2733
FAQ
What was the average 30-year fixed-rate mortgage for Freddie Mac as of July 22, 2021?
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