Freddie Mac's Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 6.52% for the week ending July 31, 2008, which is down from the prior week when it averaged 6.63%. Last year's FRM at this time of year averaged 6.68%. The 15-year FRM averaged 6.07%, down last weeks' 6.18% average, and it averaged 6.32% a year ago.
Freddie Mac vice president and chief economist Frank Nothaft states, "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures. For instance, the Department of Energy reported that gasoline prices were the lowest since the end of May, and oil prices were at levels not seen since early May."