Skip to main content Fixed-Rates Drop to 4.46 Percent
Jul 24, 2013

Rates on the most popular types of mortgages moved downward according to's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 11 basis points (0.11 percent) to 4.46 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.38 percent. "With this week’s decline, fixed mortgage rates have trimmed off the very top of the recent rise," said Keith Gumbinger, vice president of "With a full one percentage point rise between early May and early July, any declines are welcome, especially if they are of meaningful size, such as the one this week." Some potential borrowers are probably still catching their breath and adjusting their homebuying plans because of the sharp spike in rates. This week's decline isn't enough to cause any mass rush back into the market for consumers who were on the fence, but for those actively in the homebuying process, the dip is a chance to recapture some of the rise in costs the bump in rates fostered. Gumbinger adds: "It's not much, but for a borrower with a $200,000 loan, the difference in payment between last week and this week is about $13 per month. That's about four 'free' gallons of gas each month at present prices, so there is some value to be had." Average mortgage rates and points for conforming residential mortgages for the week ending July 23, according to Conforming 30-year fixed-rate mortgage Average rate:   4.46 percent Average points: 0.20 Conforming 5/1-year adjustable-rate mortgage Average rate:   3.38 percent Average points: 0.18 Average mortgage rates and points for conforming residential mortgages for the previous week ending July 16 were, according to Conforming 30-year fixed-rate mortgage Average Rate:   4.57 percent Average Points: 0.24 Conforming 5/1-year adjustable-rate mortgage Average Rate:   3.42 percent Average Points: 0.16
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