Freddie Mac's latest report shows the 30-year fixed-rate mortgage (FRM) averaged 2.77%. The rate topped in early April and nears the February low.  Freddie Mac's latest report shows the 30-year fixed-rate mortgage (FRM) averaged 2.77%. The rate topped in early April and nears the February low.  

Sam Khater, the Chief Economist at Freddie Mac, explained that falling mortgage rates coincide "with global market uncertainty surrounding the Delta variant of COVID-19 -- the 10-year Treasury yields drift lower, and consequently mortgage rates followed suit." 

"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," said Khater. 

Lewis Sogge, a senior loan officer at Freedom Mortgage, said the latest decline in mortgage rates was not unexpected as the Federal Reserve continues its bond-buying program of $40 billion in mortgage-backed securities per month.