Interest rates drop again as solid jobs report outperforms expectations

For the seventh-straight week the average interest rate on a 30-year fixed-rate mortgage has come in below 3%, according to Freddie Mac. The latest report from Freddie shows the average dropping to 2.77% from 2.80% the week prior. This matches what was reported at the beginning of 2021. Typically, this type of drop would spur a refinance boom but the latest data shows that wasn’t the case quite yet.

Weekly data from the Mortgage Bankers Association shows that mortgage application volume declined by 1.7% over the last week of July with refinances declining by 2% week-over-week.

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via Naza Finance Blog