Mortgage Rates Ease Upward

Freddie Mac's Primary Mortgage Survey reported that the 30-year fixed-rate mortgage averaged 2.80% for the week ending July 29, 2021. That's up just slightly from last week's average of 2.78%. 

“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time,” said Sam Khater, chief economist at Freddie Mac. “Largely due to the current environment, the 30-year fixed-rate remains below three percent for the fifth consecutive week while the 15-year fixed-rate hits another record low.”

Meanwhile, the 15-year fixed-rate mortgage averaged 2.10%, down slightly from the previous week's average of 2.12%. The 15-year fixed-rate is also dramatically down from last year when it averaged 2.51% for the same period.

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.45%, down from last week's average of 2.49%. The 5-year Treasury hybrid ARM averaged 2.94% last year.