Mortgage Rates Drop to 2.90% in the Week Ending July 8, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 8, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.90% with an average 0.6 point, down from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 3.03%. The 15-year fixed-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%.

In remarks prepared for this week’s PMMS release, Freddie Mac’s Chief Economist, Sam Khater said, “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.”