Fixed Rates Decline

The average 30-year fixed mortgage rate fell from 6.30% to 6.26% over the seven-day period ended Dec. 22, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.85% to 5.79%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.78% to 5.82%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.15% to 5.22%. Fees and points averaged 0.6 of a point for fixed-rate mortgages, and 0.7 of a point for ARMs. "Long-term mortgage rates dipped this week because of recently released inflation indicators for November, while short-term rates rose, responding to the Fed's recent -- and expected future -- actions," said Frank Nothaft, Freddie Mac's chief economist. "Although mortgage rates by and large are higher than they were at the start of this year, they've only risen about one percentage point since hitting a four-decade record low in June of 2003." A year ago, the average 30-year and 15-year fixed rates were 5.75% and 5.18%, respectively, and the average one-year ARM rate was 4.17%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.