Fixed Rates Dip

The average 30-year fixed mortgage rate fell to 6.28% for the week ending June 4 from 6.33% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.69% to 5.63%, while the average rate for one-year Treasury-indexed ARMs rose from 3.87% to 3.98%. Fees and points averaged 0.7 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Financial markets are in limbo at the moment, waiting on [Friday's] jobs report for an indication that the growth in the economy is sustainable," said Frank Nothaft, Freddie Mac's chief economist. "We had two months of really strong job increases, and a third month would reassure markets and be a stabilizing factor." A year ago, the average 30-year and 15-year fixed rates were 5.26% and 4.66%, respectively, and the average one-year ARM rate was 3.59%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.