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.”
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Mortgage Rates Dip