Greetings neighbors,

Freddie Mac recently released it's weekly Primary Mortgage Market Survey for the week ending July 8th. According to Freddie's survey, the 30-year fixed rate mortgage is continuing to mark an all time low averaging 4.57% with an average 0.7 point which is down from last week's low of 4.58%. Last year's 30-year FRM averaged 5.20%.

As for this week's 15-year FRM, the survey showed an average of 4.07% with an average 0.7 point which is actually up from last week's average of 4.04%. This time last year, the 15-year FRM averaged 4.69%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) this week averaged 3.75% with a 0.7 point which also showed a decrease from last week's average of 3.79% and last year's average of 4.82%.

Last but not least, the 1-year Treasury-indexed ARM averaged 3.75% with 0.7 point on this week's survey which is also down from last week's average of 3.80% . Last year's average for the 1-year ARM was 4.82%.

With the continuing decline of mortgage rates, refinance activity will become even stronger.