Weekly average mortgage rates tracked by the Federal Home Loan Mortgage Corporation (Freddie Mac) are continuing to trend downward according to the corporation’s weekly report released on Thursday.
Thirty-year fixed average rates trended from 2.88 percent to 2.78 percent week-over-week, a continuance of a steady downward trend that began roughly a month ago on June 24.
Fifteen-year rates also declined from 2.22 percent to 2.12 percent over the same time period. Only 5/1 ARMs increased, by just 0.02 percent.
“Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” Freddie Mac said in the update. “While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit.”
“Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices,” the company added.