Good Monday Morning!

Just when we think that the low mortgage interest rates have met their doom, they decline again.  Mortgage interest rates are on the drop and this is helping home buyers cope with the inflated home prices.  I am not sure as to how long the new lower rates will be with us, but now would be a good time to take advantage of this situation.  Here is what is happening with mortgage interest rates last week.

New fears over the fast-spreading COVID-19 delta variant are moving mortgage rates lower. The 30-year fixed-rate mortgage spent another week under 3%.

“With global uncertainty surrounding the delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” said Sam Khater, Freddie Mac’s chief economist. “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. This bodes well for those still looking to refinance, renovate, or even purchase a new home.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 5:

  • 30-year fixed-rate mortgages: averaged 2.77%, with an average 0.6 point, dropping from last week’s 2.80% average. Last year at this time, 30-year rates averaged 2.88%.
  • 15-year fixed-rate mortgages: averaged 2.10%, with an average 0.6 point, unchanged from its record low last week. A year ago, 15-year rates averaged 2.44%.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.40%, with an average 0.4 point, dropping from last week’s 2.45% average. A year ago, 5-year ARMs averaged 2.90%.

Freddie Mac reports average commitment rates along with average fees and points to better reflect the total upfront cost of obtaining a mortgage.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!