A mixed bag of blue chip earnings reports this week dropped Treasury yields and fixed mortgage rates responded by moving  slightly lower in Freddie Mac’s Primary Mortgage Market Survey® today.  Yet fixed-rate mortgages still averaged lower than they were a year ago.

Rates on a 30-year fixed-rate mortgage averaged 4.04 percent with an average 0.6 point for the week ending July 23, 2015, down five basis points from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent. 

Fifteen-year fixed rate mortgages averaged 3.21 percent with an average 0.6 point, down three basis points from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent. 

Adjustable rate mortgages rose.  A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.99 percent. Rates on a 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.3 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.39 percent. 

Quarterly earnings from American Express, 3M, Caterpillar were among blue chips reporting lower than expected earnings this week, helping to lower yields on 10-year Treasury notes to 2.32 percent.