Mortgage Rates Fall Below 3% in the Week Ending July 1st, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 1st 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.98% with an average 0.6 point, down from last week when it averaged 3.02%. A year ago, at this time, the 30-year FRM averaged 3.07%. The 15-year fixed-mortgage averaged 2.26% with an average 0.7 point, down from last week when it averaged 2.34%. A year ago, at this time, the 15-year FRM averaged 2.56%. Freddie Mac’s Chief Economist, Sam Khater, in remarks prepared for this week’s PMMS release said, “Economic growth remains steady and is bolstering more segments of the economy. Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.