Mortgage rates took a tumble again this week, continuing a relatively steady trend that has held since late June.
Thirty-year fixed rates averaged 2.77 percent, down from 2.80 percent the week before, according to Freddie Mac’s weekly interest survey. Fifteen-year rates held steady at a low 2.10 percent, while 5/1 ARMs dropped to 2.40 percent.
Both 30-year and 15-year rates have been on a mostly unbroken downward trend since mid-June, while 5/1 ARMs have been largely declining for even longer, since early April.
“With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” Sam Khater, chief economist at Freddie Mac, said in the release.
“The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low,” he added. “This bodes well for those still looking to refinance, renovate or even purchase a new home.”
Freddie Mac noted that this week’s 2.77 percent 30-year rate is only slightly lower than that recorded a year ago (2.80 percent). The 15-year and 5/1 ARM rates were down 0.34 points and 0.50 points from a year ago, respectively.