"With global uncertainty surrounding the delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” said Sam Khater, Freddie Mac’s chief economist. “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.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 5:

*30-year fixed-rate mortgages: averaged 2.77%, with an average 0.6 point, dropping from last week’s 2.80% average. Last year at this time, they averaged 2.88%.

*15-year fixed-rate mortgages: averaged 2.10%, with an average 0.6 point, unchanged from its record low last week. A year ago, they averaged 2.44%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, August 5, 2021,” National Association of REALTORS® Economists’ Outlook blog (Aug. 5, 2021)