Rates Decline

The average 30-year fixed mortgage rate fell from 6.40% to 6.31% over the seven-day period ended Nov. 2, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.10% to 6.02%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.14% to 6.05%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.60% to 5.53%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages, 0.5 of a point for hybrid ARMs, and 0.6 of a point for one-year ARMs. "Lower-than-expected third-quarter gross domestic product figures helped to put a damper on rising rates this week," said Frank Nothaft, Freddie Mac's chief economist. "With mortgage rates down this week, we may see a spurt of refinancing by those who want to get out of ARMs that are scheduled to reset in the next year while interest rates are still comparatively low." A year ago, the average 30-year and 15-year fixed rates were 6.31% and 5.85%, respectively, and the average hybrid and one-year ARM rates were 5.76% and 5.09%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.