Surprise Drop in Mortgage Rates Good News for Buyers

Surprise Drop in Mortgage Rates Good News for Buyers

In good news for home buyers, rates for popular mortgages fell this month. On July 22, the average 30-year fixed rate was 2.78%, down from 2.98% on July 1. The average 15-year rate was 2.12% on July 22, down from 2.26%, according to Freddie Mac’s Primary Mortgage Market Survey.*

The decline in mortgage rates occurred despite economic improvement, reflecting growing concern about the COVID Delta variant. Low mortgage rates—resulting in lower monthly payments—help home buyers qualify for higher loans. The falling rates are especially welcome now, as buyers contend with continued low housing inventory and high prices.

*Freddie Mac plays an important role in increasing liquidity and stability in the housing market. It purchases mortgages from lenders, providing cash for lenders to make additional loans to home buyers.

Data and graph from Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States, Federal Reserve Bank of St. Louis, July 24, 2021

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