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PMMS 7/29/2021

The average 30-year fixed-rate mortgage increased slightly to 2.80% for the week ending on July 29, halting a streak of weekly declines.

According to Sam Khater, chief economist at Freddie Mac, while there is some uncertainty about the Covid-19 Delta variant, the housing market is still enjoying record low rates.

“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 Khater.

The 15-year fixed-rate mortgage decreased two basis points from last week, averaging 2.10% for the week ending on July 29.

Mortgage rates have rarely exceeded 3% this year, despite predictions that 2021 would bring a return to higher levels. Economists and investors are closely monitoring any indication from the Federal Reserve that it may begin tapering of mortgage backed securities and bond purchases.

MBA 7/28/2021

Mortgage applications increased 5.7% for the week ending July 23, mostly on the back of fast-falling mortgage rates.

The 10-year Treasury yield went into free fall last week, as investors grew concerned about the rise in COVID-19 variant cases and the potential economic fallout, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting.

That led to the 30-year fixed mortgage rate declining to its lowest level since February of this year. And the 15-year rate fell to a record low last seen in 1990. Those ultra-low rates naturally resulted in a sharp uptick in refinancing activity.

“With over 95% of refinance applications for fixed rate mortgages, borrowers are looking to secure a lower rate for the life of their loan,” Kan said Wednesday.

Kan noted that the low rates didn’t spur the purchase market, which hasn’t been able to overcome record home prices. The purchase index decreased for the second week in a row to its lowest level since May 2020. It’s now fallen on an annual basis for the past three months.

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