Mortgage Rates Fall Down

According to the weekly report from Freddie Mac, the average rate for a 30-year fixed-rate mortgage dropped to 3.98% in the week that ended July 30, falling to the lowest level in almost two months, from the prior week's reading of 4.04%. A year ago, the 30-year rate was at 4.12%. A record low of 3.31% for the 30-year mortgage was reached in November 2012.

The average rate for the 15-year fixed-rate mortgage fell to 3.17% in the latest week from 3.21% in the prior week.

Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage decreased to 2.95% from 2.97%.

The rate for a 1-year Treasury-indexed ARM declined to 2.52% from 2.54%.