Industry NewsMortgage

Mortgage rates retreat from highs

Rates down quarter percent from '09 peak

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Borrowers were paying less for fixed-rate mortgages this week than last, as rates continue a retreat from highs seen in early June, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.The 30-year fixed-rate mortgage (FRM) averaged 5.32 percent with an average 0.7 point for the week ending July 2, down from 5.42 percent last week and 6.35 percent a year ago, Freddie Mac said.Rates on 30-year fixed-rate mortgages peaked this year during the week of June 11, and are about a quarter of a percentage point lower this week, said Frank Nothaft, Freddie Mac vice president and chief economist.The 15-year FRM this week averaged 4.77 percent with an average 0.7 point, down from 4.87 percent last week and 5.92 percent a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.88 percent this week, with an average 0.7 point, down from 4.99 percent last week and 5.78 percent a year ago.One-year Treasury-indexed ARMs averaged 4.94 percent this ...