30 year mortgage rates dropped to their lowest level in 6 weeks according to Freddie Mac’s Primary Mortgage Market Survey to an average of 6.26 percent. The mortgage rate decline 0.11 percent from last week and is well below its 6.73 percent average from one year ago.

15 year mortgage rates saw the biggest decrease in a week over week reading of 0.13 percent. This leaves the mortgage rate averaging 5.78 percent for the week ending July 17 and is at its lowest level since June 5th. One year ago the 15 year mortgage rate averaged 6.38 percent.

The 5 year adjustable mortgage rate declined .02 percent to 5.80 percent from last week while the 1 year adjustable mortgage rate declined .07 percent to 5.10 percent.

"Mortgage rates fell this week amid market speculation that the Federal Reserve (Fed) may not raise the overnight bank-lending rate this year after all," said Frank Nothaft, Freddie Mac vice president and chief economist. "Some of the factors motivating the change in market perceptions this week included retail sales for June rising at the slowest pace since February and consumer sentiment in July holding at low levels not seen since 1980.”

Keep updated on Mortgage Rates and get July's mortgage rate forecast by visiting Future Planning Financial at www.fpf-direct.com.