Industry NewsMortgage

Mortgage rates retreat from highs

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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 ...