Rates Decline

The average 30-year fixed mortgage rate fell from 5.63% to 5.57% over the seven-day period ended June 23, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate decreased from 5.22% to 5.16%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages fell from 5.10% to 5.05%, and the average rate for one-year Treasury-indexed ARMs declined from 4.25% to 4.23%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and five-year hybrid ARMs and 0.7 of a point for one-year ARMs. "Existing home sales in May were at the second-highest level ever recorded, suggesting the housing market still has a good head of steam," said Frank Nothaft, Freddie Mac's chief economist. "As a matter of fact, mortgage rates, which are fueling the vibrant housing market, are even lower in June than they were in May." A year ago, the average 30-year and 15-year fixed rates were 6.25% and 5.64%, respectively, and the average one-year ARM rate was 4.13%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.