Mortgage Rates Continue To Hold Steady

The 30-year fixed-rate mortgage now sits above last year's average of 2.86% for the same period. There has been little movement on mortgage rates in recent weeks as the economy's momentum slowed due to rising rates of COVID cases across the country.

“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence,” said Sam Khater, Freddie Mac’s chief economist. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”

Additionally, the 15-year fixed-rate mortgage inched upward rising 0.01% to 2.19% for the week ending Aug. 9, 2021. It remains low year-over-year, compared to last year's average of 2.37% for the same period. 

Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.42%, down slightly from last week's average of 2.43%.