Home Loan Interest Rates Ease From Yearly High

Fixed-rate mortgages this week reversed course and dropped from last week’s highest average for the year, Freddie Mac reports in its weekly mortgage market survey. Freddie Mac reported the following rates for the week ending July 23:

  • 30-year fixed-rate mortgages: averaged 4.04 percent, with an average 0.6 point, dropping from last week’s 4.09 percent average. A year ago, 30-year rates averaged 4.13 percent.
  • 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.6 point, dropping from last week’s 3.25 percent average. A year ago, 15-year rates averaged 3.26 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, rising from last week’s 2.96 percent average. Last year at this time, 5-year ARMs averaged 2.99 percent.

Source: Freddie Mac