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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FOR EXPERT ADVICE buying or selling a home, contact Annette
Nelson at (610) 247-7892 or annette@preferredhomes.com
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