This pattern may soon change, however, as COVID infections seem to be plateauing. The rise of the Delta variant of the COVID-19 virus has put a damper on the economic recovery and counteracted some of the positive developments that could have pushed rates higher the last few weeks. Mortgage rates have been in a holding pattern for a little over a month.

The current rate on a 5-year adjustable-rate mortgage is 2.51% with 0.1 points paid, an increase of 0.09 percentage points week-over-week.

The current rate for a 15-year fixed-rate mortgage is 2.12% with 0.6 points paid, 0.07 percentage points lower than last week.

The current rate for a 30-year fixed-rate mortgage is 2.86 % with 0.7 points paid, down 0.02 percentage points from a week ago, and down just 0.01 percentage points from a year ago, when the rate averaged 2.87%.

The direction of rates for various types of loans continues to be mixed this week: Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Get Started These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth.' 'While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy-efficient and resilient economy. The holding pattern in rates reflects the markets' view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases,' said Sam Khater, Freddie Mac's chief economist. 'It's Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. Since then, rates have been trending lower with occasional bumps. Earlier this year, there was more weekly movement, with the 30-year rate reaching a high of 3.18% on April 1. Rates have been hovering between 2.86% and 2.88% since August 12.

The 30-year fixed-rate loan is averaging 2.86% for the week ending September 16, down just 0.02 percentage points from last week, according to Freddie Mac's benchmark survey.

Gross beat for mac