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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