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The 30-year fixed-rate mortgage is averaging 2.80%, according to the latest Private Mortgage Market Survey from Freddie Mac.

Here’s where rates stand:

– The 30-year fixed-rate mortgage averaged 2.80% with an average 0.7 point for the week ending July 29, 2021, up from last week when it averaged 2.78%. A year ago at this time, the 30-year FRM averaged 2.99%.

– The 15-year fixed-rate mortgage averaged 2.10% with an average 0.7 point, down from last week when it averaged 2.12%. A year ago at this time, the 15-year FRM averaged 2.51%.

– The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45% with an average 0.3 point, down from last week when it averaged 2.49%. A year ago at this time, the 5-year ARM averaged 2.94%

The takeaway:

“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 Sam Khater, chief economist at Freddie Mac. “Largely due to the current environment, the 30-year fixed-rate remains below 3% for the fifth consecutive week while the 15-year fixed-rate hits another record low.”

“The Freddie Mac fixed rate for a 30-year loan increased slightly, ending a 4-week streak of declines, and rising 2 basis points to 2.80%. This was a milder move than last week’s 10 basis point slide,” said realtor.com® Chief Economist Danielle Hale. “Stocks have recovered from last week’s plunge in equity markets over concerns about resurgent Delta-variant COVID cases and economic growth was up 6.5% in the second quarter, but new mask guidance from the CDC is a reminder that the pandemic is not over and economic recovery is not guaranteed.”

“Low rates are fuel for continued home-price increases, which notched a 50th week of double-digit gains in the most recent week,” added Hale. “With prices high, affordability is tied even more strongly to mortgage rates, so potential buyers starting to hunt for a home should consider what changes in mortgage rates mean for their home shopping budget.”

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