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by CareyBot

Rates on 30-year fixed-rate mortgages edged down to 5.14 percent with an average of 0.7 point this week, compared with 5.2 percent a week ago and 6.26 percent a year ago, Freddie Mac said in releasing results of its Primary Mortgage Market Survey.The 15-year fixed-rate mortgage averaged 4.63 percent for the week ending July 16, with an average 0.7 point, down from 4.69 percent last week and 5.78 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.83 percent with an average 0.7 point, up slightly from 4.82 percent last week but down from 5.8 percent a year ago.One-year Treasury-indexed ARMs averaged 4.76 percent with an average 0.5 point, down from 4.82 percent last week and 5.1 percent a year ago.Those rates were for borrowers with good credit m...