U.S. 30-, 15-year mortgage rates fall in latest week

WASHINGTON, July 31 (Reuters) - U.S. 30- and 15-year mortgage rates fell in the latest week as fears of inflation abated, according to a survey released on Thursday by home funding company Freddie Mac.

U.S. 30-year mortgage rates fell to an average of 6.52 percent from 6.63 percent a week ago, while 15-year mortgages averaged 6.07 percent, down from 6.18 percent a week ago.

One-year adjustable rate mortgages, or ARMs, also fell to an average of 5.27 percent from 5.49 percent last week.

Freddie Mac said the "5/1" ARM, set at a fixed rate for five years and adjustable each following year, averaged 6.07 percent compared with 6.16 percent a week earlier.

A year ago, 30-year mortgage rates averaged 6.68 percent, 15-year mortgages 6.32 percent and the one-year ARM 5.59 percent. The 5/1 ARM averaged 6.29 percent.

"Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

He noted a Department of Energy report released on Monday that said the national gasoline price was at its lowest since late May.

Lenders charged an average of 0.7 percent in fees and points on 30-year mortgages, up from 0.6 percent last week. They charged 0.6 percent on 15-year mortgages, unchanged from last week.

Fees and points averaged 0.6 percent on the one-year ARM, up from 0.5 percent last week, and 0.6 percent on the 5/1 ARM, down from 0.7 percent.

Freddie Mac is a mortgage finance company chartered by Congress that buys mortgages from lenders and packages them into securities to sell to investors or to hold in its own portfolio. (Reporting by Melissa Bland; Editing by Dan Grebler)