The 15-year fixed mortgage rate hit a record low this week while the 30-year fixed rate remained at an also-low but mostly stable level.
The 30-year rate “averaged 2.80 percent with an average 0.7 point for the week ending July 29, 2021, up from last week when it averaged 2.78 percent,” Freddie Mac said in its weekly rate press release.
The 15-year rate, meanwhile, “averaged 2.10 percent with an average 0.7 point, down from last week when it averaged 2.12 percent,” a level which Freddie Mac Chief Economist Sam Khater said was a “record low.”
Khater in the release said that the 30-year rate was “below three percent for the fifth consecutive week,” which he said was “largely due to the current environment” of the ongoing COVID crisis and an economy still in recovery.
Five-year adjustable-rate mortgages “averaged 2.45 percent with an average 0.3 point, down from last week when it averaged 2.49 percent,” the press release added.
Mortgage applications were up this week after a slightly decline last week, although broader market signs have lately indicated a modest cooling-off trend within the housing market.