Rates Dip

The average 30-year fixed mortgage rate fell to 6.94% for the week ending Aug. 7 from 6.97% the week before, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate drifted down to 6.63% from 6.64% the previous week, and the average rate for one-year Treasury-indexed adjustable-rate mortgages dipped to 5.61% from 5.62%. Fees and points averaged 1.1 for all three categories. "Mortgage rates have not changed much these last few months, remaining at very affordable levels," said Robert Van Order, Freddie Mac's chief economist. "This has contributed to keeping the housing industry strong, even while the overall economy slows. However, although housing will remain healthy, we will see a slowdown later in the year." A year ago, the average 30-year and 15-year fixed rates were 7.46% and 7.00%, respectively, and the average one-year ARM rate was 5.53%. Freddie Mac's website address is http://www.freddiemac.com.