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PMMS 8/26/2021

The average 30-year fixed-rate mortgage held steady at 2.87% for the week ending in August 26. This week’s near-constant mortgage rates may not yet reflect a rise in U.S. Treasury yields, which ticked up toward the end of the week.

According to Sam Khater, chief economist at Freddie Mac, concerns over COVID-19 stand in sharp contrast to the economic recovery, leading to stalled mortgage rates.

“The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks,” said Khater. “Overall, rates continue to below, with a window of opportunity for those who did not refinance under 3%.”

Khater added that purchase application demand is improving, but very low inventory is the major obstacle to higher home sales.

MBA 8/25/2021

Mortgage applications rose 1.6% on the week ending Aug. 20, moving in concert with a drop in Treasury yields.

“Treasury yields fell last week, as investors continue to anxiously monitor if the rise in COVID-19 cases in
several states starts to dampen economic activity,” said Joel Kan, the MBA’s associate vice president of economic and industry forecasting. “Mortgage rates slightly declined as a result, with the 30-year fixed-rate decreasing for the first time in three weeks. Lower rates led to an increase in refinance applications, with government loan applications jumping 10 percent to the highest level since May 2021.”

The average contract interest rate for a 30-year-fixed rate conventional mortgage decreased to 3.03% from 3.06%.

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Other useful links

• How to improve your credit
• The 20% down rule on conventional
• What is Escrow?
• How is income calculated?
• Why your assets matter
• Mortgage Calculator
• Is Credit Karma accurate?
• FHA vs Conventional, which is better?

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