30-Year Rate Dips Again

The average 30-year fixed mortgage rate fell to 5.98% for the week ending Sept. 26 from 6.01% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged, at 5.30%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages declined from 3.81% to 3.77%. Fees and points averaged 0.6 points for 30-year fixed-rate mortgages and ARMs and 0.5 points for 15-year FRMs. "Thirty-year fixed mortgage rates this week dropped below 6% for the first time in eight weeks, as investors in bond markets were calmed by assurances from Fed monetary policymakers that no action would be taken until 2004 to raise the federal funds rates," said Amy Crews-Cutts, Freddie Mac's deputy chief economist. A year ago, the average 30-year and 15-year fixed rates were 5.99% and 5.41%, respectively, and the average one-year ARM rate was 4.22%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.