Mortgage Rates Dip

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) announced the results of its Primary Mortgage Market Survey on August 5, 2021, revealing that the 30-year fixed-rate mortgage averaged 2.77%, down from 2.80% the previous week, and compared to 2.88% a year ago. The 15-year fixed-rate mortgage remained stable at 2.10%. Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.40%, a decline from 2.45% last week. Freddie Mac's Chief Economist noted that lower mortgage rates could encourage refinancing and home purchases amid market uncertainties.

Positive

• 30-year fixed-rate mortgage decreased to 2.77% from 2.80%
• 15-year fixed-rate mortgage remained at historic low of 2.10%
• 5-year Treasury-indexed hybrid ARM fell to 2.40% from 2.45%

Negative

• None.

MCLEAN, Va., Aug. 05, 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 2.77 percent.

“With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury 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.
  

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:
Chad Wandler
703-946-0004
Chad_Wandler@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f29354a-0a52-41ec-96a9-05d680eef16d

 

FAQ

What is the current average rate for the 30-year fixed-rate mortgage by FMCC?

As of August 5, 2021, the average rate for the 30-year fixed-rate mortgage is 2.77%.

How does the current mortgage rate compare to last year for FMCC?

Last year, the 30-year fixed-rate mortgage averaged 2.88%.

What was the average rate for the 15-year fixed-rate mortgage by FMCC?

The average rate for the 15-year fixed-rate mortgage is currently 2.10%.

What impact did the Delta variant have on mortgage rates according to FMCC?

The Delta variant contributed to lower 10-year Treasury yields, which caused mortgage rates to decrease.

What is the significance of Freddie Mac's PMMS results?

The PMMS results indicate trends in mortgage rates, influencing refinancing and home purchase decisions.