Freddie Mac was established in 1970 by Congress to provide some sort of stability and affordability to the Real Estate market. Today, Freddie Mac is doing just that, by making home ownership possible to one in every four potential home buyers. Freddie Mac is also one of the largest sources of financing for multi-family housing.

Freddie Mac surveys lenders every week regarding the new mortgage rates, fees and points for their 30-year fixed-rate, 15-year fixed-rate, 5/1 hybrid amortizing adjustable-rate, and 1-year amortizing adjustable-rate mortgage products. The results of this survey, known as the Primary Mortgage Market Survey (PMMS), are released weekly on every Thursday at 10:00 a.m. This survey has become the most reliable source of regional and national mortgage rate trends since it's inception.

As of last week, right before the holiday, mortgage applications stood at 22% higher than one year ago, according to Mortgage Bankers Association. This rise in applications is said to be directly related to the growth in employment and mortgage rates that started to drop once again. Purchase applications are 32% higher than a year ago.

The mortgage rates dipped slightly due to the financial turmoil in Greece alongside the slide in China's stock markets, which led investors to the safety of the U.S. bond market. Rates tend to follow long-term Treasury bonds, and are subject to fluctuate significantly, even on a given day. According the PMMS dated July 9, 2015, the rates fell to 4.04% for a 30-year fixed rate mortgage, indicating a .04% decline from last week. The rates on a 15-year fixed rate mortgage declined from 3.24% last week to 3.20% this week.

The rates don't include add-on fees, also known as points. One point is the equivalent of 1% of the total amount of the loan.