Mortgage rates continued to trend down this week, with the average rate for a 30-year falling to 2.78%, down 10 basis points from 2.88% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 3.01%.
“Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” says Sam Khater, chief economist for Freddie Mac, in a statement. “While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit. Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices.
“However, these declining rates provide yet another opportunity for homeowners to save money on their monthly mortgage payment through a refinance,” Khater adds.
The average rate for a 15-year fixed-rate mortgage was 2.12%, down from 2.22% last week and down from 2.54% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 2.49%, up from 2.47% last week but down from 3.09% a year ago.