Fixed-rate mortgages drop for sixth week

Mortgage rates fell again this week, with fixed-rate mortgages inching down to hit a sixth straight record low, according to Freddie Mac's survey of conforming mortgage rates released Thursday.

The 30-year fixed-rate mortgage averaged 4.54% for the week ended July 29, down from 4.56% last week and 5.25% a year ago. McLean, Va.-based Freddie Mac has been tracking the mortgage since 1971.

And the 15-year fixed-rate mortgage averaged 4%, down from 4.03% last week and 4.69% a year ago. Freddie has been tracking it since 1991.

Adjustable-rate mortgage rates also fell, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.76%, down from 3.79% last week and 4.75% a year ago. And the 1-year Treasury-indexed ARM averaged 3.64%, down from 3.7% last week and 4.8% a year ago.

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- Posted: 2010-07-29 10:20:02

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