Rates Decline

The average 30-year fixed mortgage rate fell from 6.74% to 6.69% for the seven-day period ended June 21, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.43% to 6.37%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.37% to 6.31%, and the average rate for one-year Treasury-indexed ARMs fell from 5.75% to 5.66%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Mortgage rates eased this week due to market concerns that the housing market will be a longer drag on the economy," said Frank Nothaft, Freddie Mac's chief economist. "May's housing starts fell for the first time in four months, while homebuilder optimism in June fell to a 16-year low." A year ago, the average 30-year and 15-year fixed rates were 6.71% and 6.36%, respectively, and the average hybrid and one-year ARM rates were 6.32% and 5.75%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.