U.S. Mortgage Rates Fall in Latest Week -- Freddie Mac

By Allison Prang

Average fixed mortgage rates in the U.S. fell in the latest week, according to mortgage-finance company Freddie Mac.

"We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent," Freddie Mac Chief Economist Sam Khater said in prepared remarks Thursday.

For the week ended Thursday, the 30-year fixed-rate mortgage averaged 2.9%, compared with 2.98% a week earlier and 3.03% a year earlier.

Rates on 15-year fixed-rate mortgages averaged 2.2%, compared with 2.26% the previous week and 2.51% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, on average, were at 2.52%, compared with 2.54% the previous week and 3.02% a year earlier.

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(END) Dow Jones Newswires

July 08, 2021 10:14 ET (14:14 GMT)

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