IEF - Mortgage rates follow Treasury yields suit amid rising Delta variant fears

With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit," Chief economist Sam Khater commented. 30-year fixed-rate mortgage averaged 2.77% for the week ending Aug 5, down from 2.80% recorded in prior week and down from 2.88% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey. 15-year FRM averages 2.10% unchanged from last week and down from 2.44% in year ago. "The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home," Khater added. 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.40%, down from 2.45% in prior week, and lower from 2.90% a year ago. For July 30 week ending, Mortgage applications tracked by the Mortgage Bankers Association dropped 1.7% compared to increase of 5.7% in the

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Mortgage rates follow Treasury yields suit amid rising Delta variant fears