Fixed mortgage rates hit 4.51% ; 15-year at 3.65%

7/15/2011

WASHINGTON — Fixed mortgage rates fell this week, and the rate on a 15-year loan dropped to its lowest point of the year.

Freddie Mac says the average rate on the 30-year loan decreased to 4.51 percent from 4.6 percent a week ago. It reached its yearly low a month ago, at 4.49 percent.

The average rate on the 15-year fixed mortgage, popular for refinancing, fell to 3.65 percent from 3.75 percent. Its previous low this year was 3.67 percent, reached three weeks ago.