The average rate for the 30-year fixed-rate mortgage fell to 5.14% during the week of July 16, down six basis points from the previous week, according to the Freddie Mac Primary Mortgage Market Survey. Lenders charged an average of 0.7 points for a 30-year FRM. The average rate on a 15-year FRM was 4.63% with a 0.7 point. The five-year Treasury indexed adjustable rate mortgage averaged 4.83%, up slightly from 4.82% the previous week. "Average fixed rate mortgage rates were lower than last week and were down 0.4% to 0.5% from the levels of early June," said Freddie Mac chief economist Frank Nothaft.
Processing Content
