Fixed Rates Dip

The average 30-year fixed mortgage rate fell to 5.74% for the week ending Nov. 19 from 5.76% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate slipped from 5.16% to 5.15%, while the average rate for one-year Treasury-indexed ARMs crept up from 4.16% to 4.17%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Because long-term mortgage rates are still well below the peak levels reached [in May], housing starts are currently exceeding expectations," said Frank Nothaft, Freddie Mac's chief economist. "With no dramatic rise in rates on the horizon, the housing industry should continue to be healthy well into the future." A year ago, the average 30-year and 15-year fixed rates were 6.03% and 5.39%, respectively, and the average one-year ARM rate was 3.76%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.