Rates Decline

The average 30-year fixed mortgage rate fell from 6.40% to 6.33% for the seven-day period ended Oct. 25, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.08% to 5.99%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.11% to 6.03%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.76% to 5.66%, Freddie Mac reported. Fees and points averaged 0.5 of a point for 30-year fixed-rate mortgages and hybrid ARMs and 0.6 of a point for 15-year fixed-rate mortgages and one-year ARMs. "Market concerns about slower economic growth over the next few months allowed mortgage rates to drift lower from last week," said Frank Nothaft, Freddie Mac's chief economist. "How much of a drag the housing slump will be on the economy remains unknown." A year ago, the average 30-year and 15-year fixed rates were 6.40% and 6.10%, respectively, and the average hybrid and one-year ARM rates were 6.14% and 5.60%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.