Freddie Mac's Primary Mortgage Market Survey concluded that the 30-year fixed-rate mortgage (FRM) averaged 6.73 percent with 0.4 point for the week. Both rate and points were unchanged from the previous week and the interest rate was 7 basis points below the average for the same week in 2006. The 15-year FRM averaged 6.38 percent, one basis point lower than the week ended July 12. Fees and points were unchanged at 0.4. One year ago the 15-year FRM averaged 6.80 percent. The five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) was unchanged at 6.35 percent and 0.5 point; one year ago the rate was one basis point higher. The one-year Treasury-indexed ARM averaged 5.72 percent compared with 5.71 percent the previous week. Fees and points were unchanged at 0.5. This was 9 basis points lower than the one-year ARM average a year ago.

Very similar news came from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ended July 20. The average contract interest rate for the 30-year FRM was reported to be down from 6.61 percent to 6.59 percent with points, including the application fee, decreasing from 1.6 to 1.55. The 15-year FRM also decreased, averaging 6.24 percent with 1.43 in points compared to 6.29 percent with 1.33 points the previous week. The average contract interest rate for one-year ARMs increased to 5.62 from 5.60 percent, with points increasing to 1.13 from 1.11.