Week of July 22, 2021
Mortgage rates continued to trend downward this week amid ongoing concerns about the COVID-19 pandemic and its effect on the economy.
“Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” said Sam Khater, Freddie Mac’s chief economist. “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.”
Khater continued, “However, these declining rates provide yet another opportunity for homeowners to save money on their monthly mortgage payment through a refinance.”
As of July 22, Mortgage News Daily listed the average 30-year rate at 2.88 percent, the 15-year rate at 2.33 percent, and the 5-year ARM at 2.47 percent.
Bankrate listed going rates for 30-year fixed loans at 3.01 percent, 15-year fixed at 2.31 percent, and the 5-year ARM at 2.80 percent.