Mortgage Rates Drop for Third Consecutive Week in the Week Ending July 15, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 15, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, down from last week when it averaged 2.90%. A year ago, at this time, the 30-year FRM averaged 2.98%. The 15-year fixed-mortgage averaged 2.22% with an average 0.6 point, up from last week when it averaged 2.20%. A year ago, at this time, the 15-year FRM averaged 2.48%.

In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell for the third consecutive week. Since their peak at 3.18% in April, mortgage rates have declined by thirty basis points. While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation and scant inventory.”