Most Rates Dip

The average 30-year fixed mortgage rate fell from 6.67% to 6.63% for the seven-day period ended July 5, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.34% to 6.30%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.30% to 6.29%, but the average rate for one-year Treasury-indexed ARMs rose from 5.65% to 5.71%, Freddie Mac reported. Fees and points averaged 0.4 of a point for all four mortgage categories. "Long-term mortgage rates continued to move lower for the third consecutive week, in part reflecting a moderation in core inflation," said Frank Nothaft, Freddie Mac's chief economist. "In the statement accompanying their decision to leave the target federal funds rate unchanged, the Fed noted that core inflation had declined recently, though a 'sustained' moderation is still to be seen, and signaled that inflation risk continues to figure prominently in their policy decisions." A year ago, the average 30-year and 15-year fixed rates were 6.79% and 6.44%, respectively, and the average hybrid and one-year ARM rates were 6.39% and 5.82%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.