Fixed Rates Dip Again

The average 30-year fixed mortgage rate fell to 5.69% for the week ending Oct. 22 from 5.74% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.14% to 5.07%, while the average rate for one-year Treasury-indexed ARMs crept up from 4.01% to 4.02%. Fees and points averaged 0.7 of a point for 30-year fixed-rate mortgages and ARMs and 0.6 of a point for 15-year FRMs. "Treasury bond yields eased somewhat this week, causing long-term mortgage rates to drift a little lower from last week," said Frank Nothaft, Freddie Mac's chief economist. "Mortgage rates for one-year adjustable-rate mortgages, however, were almost unchanged, rising only 1 basis point in the same time frame." A year ago, the average 30-year and 15-year fixed rates were 6.05% and 5.36%, respectively, and the average one-year ARM rate was 3.79%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.