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US Mortgage Rates Fall For Fourth Straight Week

July 22, 2021 by Forex Winner Leave a Comment

US Mortgage Rates Fall For Fourth Straight Week

Source: Freddie Mac

US mortgage rates declined for the fourth straight week to mark the lowest level in over five months, as COVID-19 concerns hit economic growth. VNQ is down 1.03%, while SCHH is down 1.07%.

  • The 30-year fixed-rate mortgage averaged 2.78% for the week ending July 22. This is the lowest since February 11’s 2.73%.
  • The 15-year fixed-rate mortgage stood at 2.12%. This compares with 2.54% a year ago and is the lowest so far for the year.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.49%. This is higher than the 2.47% the previous week but lower than 3.09% a year ago.
  • Freddie Mac Chief Economist Sam Khater attributed the downtrend to concerns over the spread of the Delta variant of the COVID-19 pandemic.
  • Khater noted that Treasury yields and mortgage rates have decreased, but these are offset by low inventory and high prices.
  • Khater said the declining rates open an opportunity for homeowners to save money on their monthly mortgage payments through a refinance.

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