Hello neighbors,

Freddie Mac released their Primary Mortgage Market Survey today for the week ending July 15th. According to recent numbers, there was a tie with last week's record low average for the 30-year fixed rate mortgage which came in at 4.57 percent and an average 0.7 point. In comparison to this time last year, the 30-year fixed rate mortgage averaged 5.14%.

The 15-year FRM came in at 4.06% with an average 0.7 point. This number was a decrease from last week's 4.07% and last year's 4.63%.

As for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) , the survey showed an average 3.85% this week with an average 0.7 point. This was an increase from last week's number of 3.75%. This time last year the 5-year ARM averaged 4.83%.

Lastly, there was an average of 3.74% with an average 0.7 point for the 1-year Treasury indexed ARM. This week's number was a decrease from last week's average of 3.75%. Last year's 1-year ARM averaged 4.76%.

Economists have said that fixed rate mortgages are continuing to stay right around 50-year lows.