Fixed Rates Fall Again

The average 30-year fixed mortgage rate fell from 6.68% to 6.59% for the seven-day period ended Aug. 9, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.32% to 6.25%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 6.29% to 6.33%, and the average rate for one-year Treasury-indexed ARMs rose from 5.59% to 5.65%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and 0.5 of a point for ARMs. "Interest rates on prime conforming fixed-rate mortgages eased further in the past week, according to the Primary Mortgage Market Survey, even though other sources such as HSH Associates reported that jumbo fixed rates increased by a quarter percent or more last week," said Frank Nothaft, Freddie Mac's chief economist. "Job creation fell short of market expectations, with 92,000 jobs added in July, the smallest gain since February, and June's number was revised down by 6,000." A year ago, the average 30-year and 15-year fixed rates were 6.55% and 6.20%, respectively, and the average hybrid and one-year ARM rates were 6.21% and 5.69%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.