New fears over the fast-spreading COVID-19 delta variant are moving mortgage rates lower. The 30-year fixed-rate mortgage spent another week under 3%.
“With global 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. This bodes well for those still looking to refinance, renovate, or even purchase a new home.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 5:
- 30-year fixed-rate mortgages: averaged 2.77%, with an average 0.6 point, dropping from last week’s 2.80% average. Last year at this time, 30-year rates averaged 2.88%.
- 15-year fixed-rate mortgages: averaged 2.10%, with an average 0.6 point, unchanged from its record low last week. A year ago, 15-year rates averaged 2.44%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.40%, with an average 0.4 point, dropping from last week’s 2.45% average. A year ago, 5-year ARMs averaged 2.90%.
Freddie Mac reports average commitment rates along with average fees and points to better reflect the total upfront cost of obtaining a mortgage.
Source: Freddie Mac and “Instant Reaction: Mortgage Rates, August 5, 2021,” National Association of REALTORS® Economists’ Outlook blog (Aug. 5, 2021)
