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PMMS 8/12/2021

The average 30-year fixed-rate mortgage rose to 2.87% for the week ending on August 12. The increase follows six consecutive weeks of mortgage rate declines. The week prior, mortgage rates slipped down to 2.77%, as the 10-year Treasury yields declined and fears over the Covid-19 Delta variant grew. This week, the 10-year Treasury rebounded slightly and mortgage rates followed suit.

According to Sam Khater, chief economist at Freddie Mac, the strong jobs report yielded higher rates.

“Following last Friday’s strong jobs report, which revealed broad-based gains in employment and wage growth, mortgage rates are moving higher,” said Khater. “Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”

MBA 8/11/2021

Mortgage applications increased 2.8% for the week ending Aug. 6, and there are signs that at least some first-time homebuyers are finding opportunities despite high home prices.

Ten-year Treasury yields rose slightly at the end of last week after the July jobs report exceeded expectations. That was enough to drive mortgage rates up slightly to 2.99%. Rates have struggled to surpass 3% for most of this year.

“Mortgage applications rebounded last week, including an increase in purchase applications for the first time in nearly a month,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Rates slightly rose but remained below 3%, driven by an end-of-week increase in the 10-year Treasury yield following the positive July jobs report.”

Last Friday, the U.S. Labor Department announced 943,000 new jobs were added in July, exceeding the forecast of 865,000. It was the highest month-to-month growth since August of 2020.

With low rates and heightened concerns surrounding the Delta variant, many homeowners are electing to refinance. For the first time since February, refinance activity reached half of all mortgage originations, according to the latest report from Black Knight.

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