Fixed Rates Dip Again

The average 30-year fixed mortgage rate fell from 6.34% to 6.32% over the seven-day period ended March 23, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.98% to 5.97%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages increased from 5.93% to 5.96%, and the average rate for one-year Treasury-indexed ARMs climbed from 5.37% to 5.41%, Freddie Mac reported. Fees and points averaged 0.6 of a point for fixed-rate mortgages, and 0.7 of a point for ARMs. "The most recent economic indicators released this week showed that inflation is indeed being held in check," said Frank Nothaft, Freddie Mac's chief economist. "That news allowed the longer-term mortgage rates to drift a little lower for the second week in a row. Shorter-term rates, however, rose in reaction to a recent speech by Chairman [Ben] Bernanke of the Federal Reserve Board that hinted at even further rate hikes this year." A year ago, the average 30-year and 15-year fixed rates were 6.01% and 5.56%, respectively, and the average one-year ARM rate was 4.24%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.