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Even as the US Treasury yields have climbed up this week, mortgage rates have not moved due to the uncertainty that the delta variant has brought in.
Freddie Mac chief economist Sam Khater said that the race between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks.
As per the data released by Freddie Mac, the 30-year fixed-rate mortgage moved up from 2.86% to 2.87% this week. The 30-year fixed-rate mortgage averaged 2.91% same time last year.
There was a rise in 15-year FRM by one basis point to 2.17% this week. In 2020 it was 2.46%. The 5-year Treasury-indexed hybrid ARM dropped to 2.42% from 2.43% same time a year ago it was 2.91%.
Khater said the overall, rates are low, from the point of view of a homebuyer the purchase application demand is improving, but because the home prices being super high and the inventory very low consumers are unable to purchase even with low-interest rates.
Reference Source: MPA
