Rates Decline

The average 30-year fixed mortgage rate fell from 6.73% to 6.69% for the seven-day period ended July 26, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.38% to 6.37%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.35% to 6.30%, and the average rate for one-year Treasury-indexed ARMs fell from 5.72% to 5.69%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and hybrid ARMs and 0.5 of a point for one-year ARMs. "Mortgage rates eased this week on market concerns that a further weakening of housing demand this spring will delay any recovery in the sector," said Frank Nothaft, Freddie Mac's chief economist. "For example, building permits fell last month to the slowest pace in a decade, and more recent data on June sales of existing homes showed a fourth consecutive monthly decline." A year ago, the average 30-year and 15-year fixed rates were 6.72% and 6.34%, respectively, and the average hybrid and one-year ARM rates were 6.35% and 5.78%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.