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PMMS 8/5/2021

The average 30-year fixed-rate mortgage slipped back down to 2.77% for the week ending August 5, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.

The week prior, mortgage rates had rebounded slightly to 2.80%. According to Sam Khater, chief economist at Freddie Mac, concerns over the COVID-19 Delta variant, along with lower 10-year Treasury yields, have resulted in lower rates.

“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,” said Khater. “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.”

MBA 8/4/2021

Mortgage applications fell 1.7% in the week ending July 30. That’s despite the 30-year fixed rate falling to its lowest level in roughly six months. It’s an about-face from the prior week, in which applications increased 5.7% on the strength of descending mortgage rates.

Mike Fratantoni, MBA’s senior vice president and chief economist, said this past week’s drop in mortgage applications can be attributed to the market’s assessment of the latest COVID-19 delta variant.

“Thirty-year mortgage rates dropped below 3% in our survey for the first time since February, presenting an opportunity for many homeowners who have not yet refinanced to lower their rate and payments,” he said. “Refinance application volume slightly decreased following an 11% jump last week, and purchase application volume decreased again, reflecting the ongoing lack of inventory that continues to drive rapid home-price appreciation across the country.”

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