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 week with an average 0.6 point, up slightly from 4.93 percent last week but down from 5.17 percent a year ago.

Those rates are for borrowers with good credit putting down 20 percent on conventional conforming loans eligible for purchase by Freddie Mac. Borrowers making smaller down payments or seeking loans too large or risky for Freddie Mac can expect to pay higher rates.

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