The average 30-year fixed mortgage rate fell from 6.22% to 6.21% over the seven-day period ended Jan. 5, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged at 5.76%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages decreased from 5.79% to 5.78%, and the average rate for one-year Treasury-indexed ARMs rose from 5.15% to 5.16%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Financial markets paused this week, trying to decipher the December minutes of the Federal Reserve's monetary policy committee, which seemed to hint that the Fed might slow the pace of rate hikes in 2006," said Frank Nothaft, Freddie Mac's chief economist. "As a result, mortgage rates were little changed this week. Interest rates for 30-year fixed-rate mortgages currently are below the monthly averages set in November and December 2005." A year ago, the average 30-year and 15-year fixed rates were 5.77% and 5.21%, respectively, and the average one-year ARM rate was 4.10%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.

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