Average fixed mortgage rates continue to fluctuate week-to-week, with the 30-year fixed-rate mortgage dropping below 4 percent this week, offering temporary relief to home buyers and refinancers after hitting its highest average for the year earlier this month, Freddie Mac reports in its weekly mortgage market survey.
Freddie Mac reports the following national averages for the week ending July 30:
- 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.6 point, dropping from last week’s 4.04 percent average. A year ago, 30-year rates averaged 4.12 percent. Earlier this month, 30-year rates reached the highest average for the year at 4.09 percent.
- 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.6 point, dropping below its 3.21 percent average last week. A year ago, 15-year rates averaged 3.23 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.4 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent.
Source: Freddie Mac