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.”
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Mortgage Rates Continue to Decrease