Finance

Freddie Watches Mortgage Rates Fall for Third Week 

Long-term mortgage rates trended down in the week ending July 16, marking the third consecutive week of decreases after rates began edging upward in May, according to mortgage giant Freddie Mac [stock FRE][/stock]. Freddie’s latest rate survey found that 30-year fixed-rate mortgages (FRMs) posted an average 5.14% with an average 0.7 point, from 5.2% last week. Fifteen-year FRMs averaged 4.63% with an average 0.7 point, from 4.69% last week. Thirty- and 15-year FRMs both came in well below year-ago levels of 6.26% and 5.78%, respectively.