Average fixed mortgage rates continue to fluctuate week-to-week, with the 30-year fixed-rate mortgage dropping below 4 percent this week, offering temporary relief to home buyers and refinancers after hitting its highest average for the year earlier this month, Freddie Mac reports in its weekly mortgage market survey.

“The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part,” says Sean Becketti, Freddie Mac’s chief economist. “With no clear direction coming from the Fed [this week], we expect more of the same in coming weeks.”

Freddie Mac reports the following national averages for the week ending July 30:

  • 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.6 point, dropping from last week’s 4.04 percent average. A year ago, 30-year rates averaged 4.12 percent. Earlier this month, 30-year rates reached the highest average for the year at 4.09 percent.
  • 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.6 point, dropping below its 3.21 percent average last week. A year ago, 15-year rates averaged 3.23 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.4 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent.
  • 1-year ARMs: averaged 2.52 percent, with an average 0.3 point, decreasing from 2.54 percent the prior week. A year ago, 1-year ARMs averaged 2.38 percent.

Source: Freddie Mac