Mortgage rates tumble in mid-July survey

House on sheet of bills

Mortgage rates tumbled this week following two consecutive weeks of increases, according to’s most recent survey of major lenders.

The average cost of all four major types of home loans we track fell by at least seven one-hundredths of a percentage point and are back near their lows for 2011.

All four types of loans are also cheaper than they were last July.

Our July 13 survey found the average interest rate for a:

30-year, fixed-rate loan fell to 4.69% from 4.79% the previous week. That’s slightly less than what these home loans cost this time last summer, when the mid-July survey averaged 4.77%.

15-year, fixed-rate loan fell to 3.82% from 3.90% the previous week. That’s considerably lower than a year ago when it was 4.23%.

30-year, fixed-rate jumbo loan (for mortgages exceeding $417,000 to $729,750, depending on the city) fell to 5.20% from 5.27% the previous week. A year ago, it was 5.50%.

Five-year, adjustable-rate loan fell to 3.40% from 3.49% the previous week. A year ago, it was 4.12%.

Our database of interest rates can help you find the best deals in your area, including many that are less costly than the national averages.

You can use our mortgage calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe.

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