Mortgage Rates Move Lower in the Week Ending August 5, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 5, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.77% with an average 0.6 points, down from last week when it averaged 2.80%. A year ago, at this time, the 30-year FRM averaged 2.88%. The 15-year fixed-mortgage averaged 2.10% with an average 0.6 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 2.44%.

In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit. The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home.”