Sumary of Average mortgage rates dip for 4th week:
- Mortgage rates fell for the fourth straight week, undercut by worries that the surging delta coronavirus variant and the worsening pandemic in hotspots around the world could derail what has been a strong economic recovery.
- Mortgage buyer Freddie Mac reported today that the average for the 30-year home loan dipped to 2.78% from 2.88% last week, down from its peak this year of 3.18% in April.
- The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, declined to 2.12% from 2.22% last week.
- Many would-be homebuyers haven’t been able to take advantage of the ultra-low mortgage rates because of the tight supply of homes for sale and high prices.
- The National Association of Realtors reported today that sales of previously occupied homes rose in June, snapping a four-month losing streak, while strong demand for higher-end properties and low home-loan rates helped push prices to new highs.