Pandemic numbers are rising again. That’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.

MCLEAN, Va. – The 30-year fixed-rate mortgage (FRM) averaged 2.78%, according to Freddie Mac’s weekly survey. It’s the fourth week in a row for a drop.

“Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” says Sam Khater, Freddie Mac’s chief economist. “While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit.”

Khater said the “declining rates provide yet another opportunity for homeowners to save money on their monthly mortgage payment through a refinance,” however, “many homebuyers are unable to take advantage of low rates due to low inventory and high prices.”

Average mortgage rates for July 23, 2021

• The 30-year fixed-rate mortgage averaged 2.78% with an average 0.7 point for the week, down from last week’s 2.88%. A year ago, it averaged 3.01%.
• The 15-year fixed-rate mortgage averaged 2.12% with an average 0.7 point, down from last week’s 2.22%. A year ago, it averaged 2.54%.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.49% with an average 0.4 point, up from last week’s 2.47%. A year ago, the 5-year ARM averaged 3.09%.

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