U.S. Mortgage Rates Fall in Latest Week -- Freddie Mac

By Matt Grossman

Average mortgage rates in the U.S. fell in the latest week, according to mortgage-finance company Freddie Mac, continuing declines in recent weeks.

For the week ended Thursday, the 30-year fixed-rate mortgage averaged 2.78%, compared with 2.88% a week earlier and 3.01% a year earlier.

"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."

Mr. Khater added that homeowners are benefiting from lower rates in the form of refinancing opportunities, but many prospective homebuyers have been unable to take advantage of low financing costs because of tight housing inventory and high prices.

Rates on 15-year fixed-rate mortgages averaged 2.12%, compared with 2.22% the previous week and 2.54% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, on average, were at 2.49%, up slightly from 2.47% the previous week and down from 3.09% a year earlier.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

July 22, 2021 10:14 ET (14:14 GMT)

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