Homebuyers locking in mortgage rates this week received a respite from rising rates.

A week after reaching its highest mark in seven years, the average rate for a 30-year fixed mortgage fell for just the second time in two months.

According to the Freddie Mac Primary Mortgage Market Survey for the week ending October 18, 30-year rates averaged 4.85 percent. The average the week before was 4.90 percent. A year ago, 30-year rates averaged 3.88 percent.

The average for a 15-year fixed mortgage dropped as well, from 4.29 percent to 4.26 percent. A year ago at this time, the 15-year rate averaged 3.19 percent.

The full percentage point difference in rates between last year and this year is substantial for those who have waited to purchase or refinance a home.

For example, if you took out a 30-year, $250,0000 mortgage last year at 3.88 percent, your principal and interest payment would be $1,176. Under the current 4.85 percent rate, the monthly payment jumps to $1,319.

A $200,000 purchase or refinance at last year’s 15-year rate of 3.19 percent would cost $1,400 a month. Now, the payment with the higher 4.26 percent rate would be $1,506.

Average rates for 5-year Treasury-indexed hybrid adjustable-rate mortgages increased from 4.07 percent to 4.10 percent last week. A year ago at this time, the 5-year ARM averaged 3.17 percent.