Freddie Mac Survey Sees Rates Decline

The 30-year fixed-rate mortgage averaged 5.22% with an average of 0.6 points for the week ending Aug. 6, according to the Freddie Mac Primary Mortgage Market Survey. This was down from the previous week when it averaged 5.25%. A year ago, the 30-year FRM averaged 6.52%. The benchmark 10-year Treasury yield has been pressuring long-term rates upward recently but it appears that a plunge in that yield on July 31 offset the more recent increase on a relative basis when averaged over the course of the week. The 15-year FRM over the course of the week averaged 4.63% with an average 0.6 point, down from the previous week when it averaged 4.69%. A year ago, the 15-year FRM averaged 6.10%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.73% with an average 0.6 point, down from the previous week when it averaged 4.75%. A year ago, the five-year ARM averaged 6.05%. One-year Treasury-indexed ARMs averaged 4.78% with an average 0.5 point, down from the previous week when it averaged 4.80%. A year ago, the one-year ARM averaged 5.22%.