Mortgage rates continue down this week according to Freddie Mac's release of its Primary Mortgage Survey. The survey showed the 30-year fixed rate averaging 2.9 per cent.
Freddie Mac Chief Economist Sam Khater said this week's mortgage rate decrease followed a dip in U.S. treasury yields. Khater said that while mortgage rates tend to follow Treasury yields closely other factors such as improvements in the labor markets can have an impact on the direction of rates. Khater said he expects economic growth to gradually drive interest rates higher. But he added, homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three per cent.
•30-year fixed-rate mortgage averaged 2.90 percent with an average 0.6 point for the week ending July 8, 2021, down from last week when it averaged 2.98 percent. A year ago at this time, the 30-year FRM averaged 3.03 percent.
•15-year fixed-rate mortgage averaged 2.20 percent with an average 0.7 point, down from last week when it averaged 2.26 percent. A year ago at this time, the 15-year FRM averaged 2.51 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52 percent with an average 0.2 point, down from last week when it averaged 2.54 percent. A year ago at this time, the 5-year ARM averaged 3.02 percent.
To check daily market mortgage rates, you can visit sources such as Mortgage News Daily or other mortgage rate providers for current rates.