Fixed Rates Decline

The average 30-year fixed mortgage rate fell to 5.91% for the seven-day period ending April 14 from 5.93% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate decreased from 5.48% to 5.46%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.33% to 5.31%, and the average rate for one-year Treasury-indexed ARMs rose from 4.23% to 4.30%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and hybrid ARMs, and 0.6 of a point for one-year ARMs. "Given the current economy, mortgage rates can only rise so much in a short period of time," said Frank Nothaft, Freddie Mac's chief economist. "And the recent release of the minutes of the [Federal Open Market Committee] meeting muted market chatter about inflation, allowing rates to slip a little further this week." A year ago, the average 30-year and 15-year fixed rates were 5.89% and 5.23%, respectively, and the average one-year ARM rate was 3.69%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.