Rates Decline

The average 30-year fixed mortgage rate fell from 6.34% to 6.28% over the seven-day period ended Feb. 8, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.06% to 6.02%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.04% to 5.99%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.54% to 5.49%, Freddie Mac reported. Fees and points averaged 0.3 of a point for fixed-rate mortgages, 0.4 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "News of moderate employment gains in January led to a halt in the recent upward trend of interest rate movements," said Frank Nothaft, Freddie Mac's chief economist. "The 111,000 jobs added last month were fewer than had been anticipated, while the unemployment rate edged up unexpectedly." A year ago, the average 30-year and 15-year fixed rates were 6.24% and 5.83%, respectively, and the average hybrid and one-year ARM rates were 5.89% and 5.34%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.