The average 30-year fixed mortgage rate fell from 6.63% to 6.55% over the seven-day period ended Aug. 10, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.27% to 6.20%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.27% to 6.21%, and the average rate for one-year Treasury-indexed ARMs was unchanged, at 5.69%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and hybrid ARMs and 0.8 of a point for one-year ARMs. "The weaker-than-expected jobs report, combined with the [Federal Reserve Board]'s decision to pass on raising rates at its last meeting, led directly to lower rates this week," said Frank Nothaft, Freddie Mac's chief economist. ".... Lower rates may bring about a rise in refinancing activity as homeowners with ARMs getting ready to reset decide to take advantage by locking into fixed-rate mortgages now rather than waiting until the adjustment date, when rates may be higher." A year ago, the average 30-year and 15-year fixed rates were 5.89% and 5.47%, respectively, and the average hybrid and one-year ARM rates were 5.40% and 4.57%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.

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