Mortgage Rates Drop for Fourth Consecutive Week in the Week Ending July 22, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.78% with an average 0.7 point, down from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 3.01%. The 15-year fixed-mortgage was 2.12% with an average 0.7 point, down from last week when it averaged 2.22%. A year ago, at this time, the 15-year FRM averaged 2.54%.

In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth. 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 went onto say that “However, these declining rates provide yet another opportunity for homeowners to save money on their monthly mortgage payment through a refinance.”