Mortgage rates have moved even lower thanks to the COVID-19 delta variant continuing to spread at a rapid pace. According to the latest figures, 30-year fixed mortgages spend a considerable amount of time under 3% last month, and 15-year fixed mortgages remained at historic lows.
As of early August, Freddie Mac reported the following national average for mortgage rates, making now about as good of a time as we’ve seen in decades to renovate a home, refinance an existing mortgage, or purchase a new home:
- 30-year fixed-rate mortgages averaged 2.77% during the first week of August, falling from 2.8% the week prior. Around the same time last year, 30-year fixed mortgage averaged 2.88%.
- 15-year fixed mortgages averaged 2.10% during the first week of August, which remained unchanged from its record low the prior week. That rate is also lower than last year’s average of 2.44% during the same time.
- 5-year hybrid adjustable-rate mortgages averaged 2.4% during the first week of August, falling from 2.45% the week prior.This time last year, 5-year hybrid adjustable-rate mortgage rates averaged 2.9%.