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After ticking up last week, rates once again settled down to near lows for the year, according to the weekly Primary Mortgage Market Survey® (PMMS) published by Freddie Mac.

According to this week’s PMMS, rates around the nation for a 30-year fixed mortgage averaged 4.51 percent (with an average 0.7 point) for the week ending July 14, 2011, down from 4.60 percent last week. And 15-year mortgages hit their low mark for the year, averaging 3.65 percent (with an average 0.6 point), down from 3.75 percent last week.

Adjustable rate mortgages (ARMs) were also incredibly low, with the 5-year treasury indexed hybrid averaging 3.29 percent (with an average 0.6 point), down from 3.30 percent last week.

Why the dip in rates when last week saw an upward trend? According to Frank Nothaft, vice president and chief economist of Freddie Mac, ” The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the highest since December 2010.” In other words, bad news for the economy tends to keep borrowing costs low.

Could this be a last chance for low rates before the economy moves into more solid territory? No one has a crystal ball, but it can’t be denied these rates are very attractive for those looking to buy a home or refinance this summer.

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