Mortgage rates are retreating again, with the 30-year fixed rate dropping to 2.77% in the week ending August 5, 2021. That’s below the previous week’s average of 2.80%, according to Freddie Mac’s Primary Mortgage Market Survey. The 30-year fixed rate mortgage also declined from the same period last year, as it averaged 2.88% over the same period in 2020.
“With the global market uncertainty surrounding the COVID-19 Delta, we saw the yield on 10-year Treasuries decline and therefore mortgage rates followed suit,” said Sam Hather, chief economist at Freddie Mac. “The 30-year fixed rate mortgage dropped to early 2021 levels, while the 15-year fixed rate remained at an all-time low. This is a good sign for those who still want to refinance, renovate or even buy a new home. “
Meanwhile, 15-year fixed rate mortgages averaged 2.10%, which is unchanged from the previous week’s average and well below the previous average of 2.44% in 2020. In addition, Treasury-indexed floating rate hybrid mortgages averaged 2.40%. , which is below the average of last week (2.45%) and well below the average of the previous year (2.90%).