The average 30-year fixed-rate mortgage slipped back down to 2.77% for the week ending August 5, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.

The week prior, mortgage rates had rebounded slightly to 2.80%. According to Sam Khater, chief economist at Freddie Mac, concerns over the COVID-19 Delta variant, along with lower 10-year Treasury yields, have resulted in lower rates.

“With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” said Khater. “The 30-year fixed-rate mortgage dipped back to where it stood details ⇒

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