Freddie Mac’s recent Primary Mortgage Market Survey (PMMS®) shows that the 30-year fixed-rate mortgage (FRM) rate bumped down, averaging 2.90%.
Here’s where rates stand:
– 30-Year Fixed-Rate Mortgage: Averaged 2.90% with an average 0.6 point for the week ending July 8, 2021, down from last week when it averaged 2.98%. A year ago at this time, the 30-year FRM averaged 3.03%.
– 15-Year Fixed-Rate Mortgage: Averaged 2.20% with an average 0.7 point, down from last week when it averaged 2.26%. A year ago at this time, the 15-year FRM averaged 2.51%.
– 5-Year Treasury-Indexed Hybrid Adjustable-Rate Mortgage (ARM): Averaged 2.52%with an average 0.2 point, down from last week when it averaged 2.54%. A year ago at this time, the 5-year ARM averaged 3.02%.
The takeaway:
“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,” said Sam Khater, Freddie Mac’s chief economist. “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 3%.”
