Mortgage Rates Move Lower in Latest Week, Freddie Mac Says
August 05 2021 - 10:15AM
Dow Jones News
By Matt Grossman
Mortgage rates declined in the latest week, extending a stretch
of ultra-low residential borrowing costs during the Covid-19
pandemic, according to mortgage giant Freddie Mac.
"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," said Sam Khater,
Freddie Mac's chief economist. "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."
For the week ended Thursday, 30-year fixed-rate mortgages came
with an average rate of 2.77%, down from 2.8% a week ago and 2.88%
this time last year.
The 15-year fixed-rate mortgage was at 2.1%, unchanged from last
week and down from 2.44% 12 months ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 2.4%, compared with 2.45% the previous
week and 2.9% a year earlier.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
August 05, 2021 10:14 ET (14:14 GMT)
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