Rates Decline

The average 30-year fixed mortgage rate fell from 6.22% to 6.17% for the seven-day period ended April 19, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.90% to 5.89%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.93% to 5.92%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.47% to 5.45%, 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 slipped following the latest reports of moderation in inflation rates from the core producer price and consumer price indexes," said Frank Nothaft, Freddie Mac's chief economist. "Excluding food and energy, the core inflation rate for consumer prices rose 2.5% year-over-year, the smallest annual growth rate since May 2006. This helped calm markets and brought mortgage rates down." A year ago, the average 30-year and 15-year fixed rates were 6.53% and 6.17%, respectively, and the average hybrid and one-year ARM rates were 6.16% and 5.63%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.