Fixed Rates Dip

The average 30-year fixed mortgage rate fell to 5.66% for the week ending Jan. 28 from 5.67% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.15% to 5.14%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.05% to 5.02%, and the average rate for one-year Treasury-indexed ARMs rose from 4.11% to 4.18%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and five-year hybrid ARMs and 0.8 of a point for one-year ARMs. "Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm," said Frank Nothaft, Freddie Mac's chief economist. A year ago, the average 30-year and 15-year fixed rates were 5.68% and 4.97%, 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.