Mortgage rates hover near record lows

30-year fixed-rate mortgage averages 2.99% for the week ending July 30, down slightly from 3.01% in the previous week and 3.75% at this time last year, according to the Freddie Mac Primary Mortgage Market Survey.

"It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20% above a year ago," said Freddie Chief Economist Sam Khater.

He sees home sales remaining strong into the early fall.

15-year FRM averages 2.51% vs. 2.54% a week earlier and 3.20% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.94% vs. 3.09% a week earlier and 3.46% a year ago.