Chief economist Frank Nothaft commented "The Fed is monitoring the housing market closely after the run up in mortgage rates over the past few months. The 13.4% drop in new home sales in July led financial markets to speculate whether the Fed might delay reducing its bond purchases and allowed long-term bond yields and fixed mortgage rates to decline over the week."
For the week ended today, the average for the 30-year FRM is at 4.51%, down from 4.58% one week prior, while the 15-year FRM average is at 3.54%, down from 3.60%.
As for adjustable rate mortgage, the five-year Treasury-indexed hybrid actually had a three bps increase in its average rate to 3.24%. The one-year Treasury-indexed ARM is at 2.64%, down three basis points.