Rates Decline

The average 30-year fixed mortgage rate fell to 5.70% for the week ending Sept. 24 from 5.75% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.13% to 5.10%, while the average rate for one-year Treasury-indexed ARMs declined from 4.03% to 4.00%. Fees and points averaged 0.7 of a point for all three mortgage categories. "[I]n the last four years, we have set records in housing starts, housing sales, low mortgage rates, refinancing volumes, and total mortgage originations," said Frank Nothaft, Freddie Mac's chief economist. ".... Our Primary Mortgage Market Survey results this week show mortgage rates slipping again, which will all but guarantee that the housing industry will continue at its robust pace and set, yet again, another record for both new construction and overall home sales." A year ago, the average 30-year and 15-year fixed rates were 6.01% and 5.30%, respectively, and the average one-year ARM rate was 3.81%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.