Friday, July 23, 2021
Last week, the rates were picking up and slowly returning to their projected levels for the fiscal year 2021. However, finance specialists witnessed a drop in the rates for the current week. According to Bankrate, these are the rates as of today:
· 30-year fixed mortgage rate: 3.010% for home purchase and 2.990% for refinance
· 15-year fixed mortgage rate: 2.310% for home purchase and 2.300% for refinance
· 5/1 ARM: 2.800% for home purchase and 2.720% for refinance
· 30-year fixed-rate jumbo mortgage rate: 3.030% for home purchase and 3.000% for refinance
What’s the Trendline?
30-year fixed mortgage
Since yesterday, the rate for a 30-year mortgage has risen by three basis points. However, the rates have declined by three basis points from last week. Additionally, the rates were at 3.13 basis months the previous year. Therefore, the data depicts a downward movement of rates. As a matter of fact, the refinance rates for a 30-year mortgage have gone down by around 11 basis points.
Eleven basis points is a notable fall in the rates, and it offers an excellent opportunity for buyers to invest. The most underlying reason for the decline is the rampant increase in the delta variant of COVID-19, which is causing uncertainty in economies. Secondly, FEDs are artificially keeping rates low by purchasing Mortgage-backed securities (MBS) worth billions.
15-year fixed mortgage
As of yesterday, there is a drop of two basis points. Compared to last week, the drop is around seven basis points. Similarly, the refinance rate is down by 12 basis points since last week. A 15-year mortgage is a popular choice of home buyers and represents a viable opportunity for refinance since it saves interest costs.
There has been an insignificant change in 5/1 ARM, with only one basis point decline over the past week. It’s another popular choice for refinancing among homebuyers.
30-year fixed-rate jumbo
While there is a mere drop of one basis point over the last week, the rates are down by 11 basis points compared to last month. As a result, current rates provide a fancy opportunity for homebuyers to purchase villas in the town’s upskirt.
With the delta variant of COVID spreading like fire, the rates won’t rise anytime soon. Therefore, it’s better to take advantage of this astounding opportunity and reduce your bills’ burden. For more information, get free quotes from the rate checker and find out your qualifications.