Freddie Mac Studies Small Adjustments in Mortgage Charges
Freddie Mac’s primary mortgage market survey results show that the 30-year fixed-rate mortgage (FRM) averaged 2.80 percent.
“As the economy works to return to its pre-pandemic self and the battle against COVID-19 variants unfolds, owners and buyers continue to enjoy some of the lowest mortgage rates ever,” said Sam Khater, chief economist at Freddie Mac. “Mainly due to the current environment, the 30-year fixed rate remains below three percent for the fifth week in a row, while the 15-year fixed rate has reached another record low.”
The 30-year fixed-rate mortgage averaged 2.80 percent, averaging 0.7 points for the week ended July 29, 2021, up from last week when it averaged 2.78 percent. A year ago, the 30-year-old FRM averaged 2.99 percent at this point in time. The 15-year fixed-rate mortgage averaged 2.10 percent, averaging 0.7 points, less than last week when it averaged 2.12 percent. A year ago, the 15-year-old FRM averaged 2.51 percent.
The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.45 percent, averaging 0.3 points, from last week when it averaged 2.49 percent. Last year, the 5-year ARM averaged 2.94 percent.
Read the full report here.