A small decline in mortgage rates this past week could be followed by a slightly larger drop next week. Two indices for adjustable-rate mortgages also moved lower.

On purchase-money transaction, borrowers who shopped on the LendingTree network were offered 30-year fixed rates with an average annual percentage rate of 4.99 percent in July.

Last month’s average APR turned out to be a single basis point lower than one month previous, according to Charlotte, North Carolina-based LendingTree.


Source: Mortgage Daily