30-Year Rate Dips

The average 30-year fixed mortgage rate fell from 6.26% to 6.24% over the seven-day period ended March 2, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged, at 5.89%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased slightly from 5.96% to 5.97%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.32% to 5.34%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and hybrid ARMs and 0.8 of a point for one-year ARMs. "Consumer confidence slipped in February to the lowest reading in three months, but manufacturing activity appears to have strengthened last month," said Frank Nothaft, Freddie Mac's chief economist. "On net, the latest economic news had little effect on mortgage rates this week." A year ago, the average 30-year and 15-year fixed rates were 5.79% and 5.33%, respectively, and the average one-year ARM rate was 4.14%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.