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Friday, July 2, 2021

Mortgage Rates Slide Below 3% Again

 By Kerry Smith

The average 30-year, fixed-rate mortgage has jumped over and under the 3% mark for months. This week it slid just below again, averaging 2.98%.

MCLEAN, Va. – For weeks, the average 30-year mortgage rate has been hovering around 3% without many indications on when it might significantly change. This month’s mortgage report from Freddie Mac found that last week’s average, which was over 3% (3.07%), again dipped low enough to average 2.98%.

“Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.”

Average mortgage rates for the week of July 1, 2021

  • The 30-year fixed-rate mortgage averaged 2.98% with an average of 0.6 points, down from last week’s 3.02%. A year ago, it averaged 3.07%.
  • The 15-year fixed-rate mortgage averaged 2.26% with an average of 0.7 points, down from last week’s 2.34%. A year ago, it averaged 2.56%.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54% with an average of 0.3 points, up slightly from last week’s 2.53%. A year ago, it averaged 3.00%.

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