Mortgage Rates Dip Slightly

The average rate on 30-year, fixed rate mortgages was 6.26% for the week ending February 23, down two basis points from the previous week, according to Freddie Mac.Freddie Mac's weekly primary mortgage market survey also found that the average rate for 15-year FRMs was 5.89% with an average of 0.6 points, down from 5.91% a week earlier. The average for five-year, Treasury indexed hybrid adjustable-rate mortgages was 5.96%. One year Treasury-indexed ARMs averaged 5.32%, down four basis points from the previous week, with 0.7 points paid upfront. For the other loan types, average points were 0.6. "Tame core inflation figures and market confidence that the Fed will continue to keep inflation low kept mortgage rates in check this week," said Frank Nothaft, Freddie Mac's chief economist.