Mortgage rates dipped this week, as the average rate for a 30-year fixed-rate mortgage fell to 2.77%, down from 2.8% 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 2.88%.
“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,” says Sam Khater, chief economist at Freddie Mac, in a statement. “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.”
The average rate for a 15-year fixed-rate mortgage was 2.1%, unchanged from last week but down from 2.44% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.4%, down from 2.45% the previous week and down from 2.90% a year ago.