Call it the summer swoon. That's how Freddie Mac Chief Economist Sam Khater is describing what's been happening with mortgage interest rates the past couple of weeks.
“The summer swoon in mortgage rates continues", Khater said, as the 30-year fixed-rate mortgage fell for the third consecutive week. He said, “Since their peak at 3.18% in April, mortgage rates have declined by thirty basis points. While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation and scant inventory."
•30-year fixed-rate mortgage averaged 2.88 percent with an average 0.7 point for the week ending July 15, 2021, down from last week when it averaged 2.90 percent. A year ago at this time, the 30-year FRM averaged 2.98 percent.
•15-year fixed-rate mortgage averaged 2.22 percent with an average 0.6 point, down from last week when it averaged 2.20 percent. A year ago at this time, the 15-year FRM averaged 2.48 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.47 percent with an average 0.3 point, down from last week when it averaged 2.52 percent. A year ago at this time, the 5-year ARM averaged 3.06 percent.
For a look at daily mortgage market rates you can visit sources such as Mortgage Daily News or other mortgage rate providers for current rates.
Take a look then let's connect about getting you your new home.