Rates Decline

The average 30-year fixed mortgage rate fell to 5.80% for the seven-day period ending April 21 from 5.91% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate decreased from 5.46% to 5.36%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.31% to 5.22%, and the average rate for one-year Treasury-indexed ARMs fell from 4.30% to 4.26%. Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.6 of a point for ARMs. "Interest rates in general have been oscillating with every piece of economic news released lately," said Frank Nothaft, Freddie Mac's chief economist. "The market is switching its focus between the strength of the economy and the fear of inflation. Thus, although mortgage rates have dropped in the last two weeks, that doesn't necessarily indicate a trend." A year ago, the average 30-year and 15-year fixed rates were 5.94% and 5.25%, respectively, and the average one-year ARM rate was 3.69%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.