30-Year Mortgage Rates Drop to 4.51%

Mortgage rates fell this week from last, amid a weakening job report and an increase in the unemployment rate, Freddie Mac stated in its weekly mortgage market survey.

Here’s a closer look at mortgage rates for the week:

30-year fixed-rate mortgage: averaged 4.51 percent, downfrom last week when it averaged 4.60 percent. Last year at this time, the 30-year rate averaged 4.57 percent.

15-year fixed-rate mortgage: averaged 3.65 percent, downfrom last week when it averaged 3.75 percent.A year ago at this time, the 15-year rate averaged 4.06 percent.

5-year adjustable-rate mortgage: averaged 3.29 percent this week, down from last week when it averaged 3.30 percent. A year ago, the 5-year ARM averaged 3.85 percent.

1-year ARM: averaged 2.95 percent this week, downfrom last week when it averaged 3.01 percent. At this time last year, the 1-year ARM averaged 3.74 percent.

Source: “Mortgage Rates Fall After Weak Job Report,” Freddie Mac (July 14, 2011

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