Rates Decline

The average 30-year fixed mortgage rate fell from 6.33% to 6.24% over the seven-day period ended Nov. 16, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.04% to 5.94%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.08% to 6.04%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.55% to 5.53%, Freddie Mac reported. Fees and points averaged 0.5 of a point for all four mortgage categories. "Both long- and short-term mortgage rates fell this week on early signs that the threat of inflation may be waning," said Frank Nothaft, Freddie Mac's chief economist. "The Producer Price Index and Consumer Price Index for October came in lower than expected, and bond yields dropped, pulling mortgage rates lower." A year ago, the average 30-year and 15-year fixed rates were 6.37% and 5.90%, respectively, and the average hybrid and one-year ARM rates were 5.86% and 5.20%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.