Mortgage rates retreat from highs

Rates down quarter percent from '09 peak

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.