Rates Decline

The average 30-year fixed mortgage rate fell to 5.79% for the week ending April 4 from 5.91% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.21% to 5.06%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages dipped from 3.84% to 3.82%. Fees and points averaged 0.6 points for all three mortgage categories. "Current economic indicators reflect a lackluster economy, and I think it's safe to say that financial markets will continue to experience volatility, at least until there is some resolution to the current situation in Iran," said Frank Nothaft, Freddie Mac's chief economist. "Although mortgage applications fell last week, according to the Mortgage Bankers Association, most of that decline was in applications for refinance. Mortgage rates overall continue to be amazingly affordable, and that keeps the housing industry humming." A year ago, the average 30-year and 15-year fixed rates were 7.13% and 6.64%, respectively, and the average one-year ARM rate was 4.99%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.