30-Year Rate Back Below 6%

The average 30-year fixed mortgage rate fell to 5.93% for the seven-day period ending April 7 from 6.04% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate decreased from 5.58% to 5.48%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.43% to 5.33%, and the average rate for one-year Treasury-indexed ARMs fell from 4.24% to 4.23%. Fees and points averaged 0.7 of a point for all four mortgage categories. "Mortgage rates slipped this week on news that job creation in March came out much lower than had been expected," said Frank Nothaft, Freddie Mac's chief economist. "This would indicate there is less money being spent and, therefore, less inflationary pressure on the economy." A year ago, the average 30-year and 15-year fixed rates were 5.79% and 5.12%, respectively, and the average one-year ARM rate was 3.65%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.