US average mortgage rates dip for 4th week; 30-year at 2.78%

Mortgage rates have fallen for the fourth straight week

WASHINGTON -- 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 Thursday 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 key rate stood at 3.01% a year ago. The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, declined to 2.12% from 2.22% last week. The concern over the pandemic's potential effects on the recovery spurred a rout in global markets on Monday, with the Dow Jones Industrial Average falling 2.1%. Stocks of companies that would be hurt the most by potential COVID-19 restrictions sustained some of the heaviest losses. Financial markets have been showing signs of increased concern for a while, but the U.S. stock market had remained largely resilient.