30-Year Rate Drifts Lower

The average 30-year fixed mortgage rate fell to 5.79% for the week ending April 25 from 5.82% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged, at 5.12%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages was also unchanged, at 3.79%. Fees and points averaged 0.6 points for all three mortgage categories. "A tepid national economy has anchored mortgage rates to current low levels so far this year," said Frank Nothaft, Freddie Mac's chief economist. "However, according to the Federal Reserve's Beige Book, the housing industry is the only bright spot in the economy right now." A year ago, the average 30-year and 15-year fixed rates were 6.88% and 6.35%, respectively, and the average one-year ARM rate was 4.91%, Freddie Mac said.