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Freddie Mac: Mortgage rates continue to fall

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Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 2.90 percent.

“Mortgage rates decreased this week following the dip in U.S. Treasury yields.

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,” Freddie Mac’s Chief Economist Sam Khater said in the PMMS survey.

“We expect economic growth to 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 three percent.”

According to the survey:
A 30-year fixed-rate mortgage averaged 2.90 percent with an average 0.6 point for the week ending July 8, 2021, down from last week when it averaged 2.98 percent. A year ago, at this time, the 30-year FRM
averaged 3.03 percent.

A 15-year fixed-rate mortgage averaged 2.20 percent with an average 0.7 point, down from last week when it averaged 2.26 percent. A year ago, at this time, the 15-year FRM averaged 2.51 percent.

A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52 percent with an average 0.2 point, down from last week when it averaged 2.54 percent. A year ago, at this time, the 5-year ARM averaged 3.02 percent.

 

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