Fixed Rates Inch Lower

The average 30-year fixed mortgage rate dipped to 5.86% for the week ending Feb. 14 from 5.88% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.27% to 5.26%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages remained unchanged at a record low of 3.89%. Fees and points averaged 0.6 points for fixed-rate mortgages and 0.7 points for ARMs. "Mortgage rates have held at record low levels, thereby reducing mortgage payments and making homebuying affordable for a great number of families," said Frank Nothaft, Freddie Mac's chief economist. A year ago, the average 30-year and 15-year fixed rates were 6.86% and 6.35%, respectively, and the average one-year ARM rate was 4.98%, Freddie Mac said.