During the week, the average interest rate for 30-year, fixed-rate mortgages declined from 4.44 percent to 4.42 percent, compared to 5.12 percent a year ago, with points averaging 0.7, Freddie Mac said.
Rates for the average 15-year, fixed-rate mortgages fell from 3.95 percent to 3.9 percent, compared to 4.56 percent a year earlier, with an average 0.6 point.
For one-year, adjustable-rate mortgages, the average interest rate was unchanged from last week at 3.53 percent, with an average 0.7 point. A year ago the one-year ARM averaged 4.69 percent.
"The housing market appears to be in a lull following the expiration of the homebuyer tax credits. Single-family starts fell for the third straight month in July to an annual pace of 432,000 homes," said Amy Crews, Freddie Mac's deputy chief economist.
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