Rates Dip

The average 30-year fixed mortgage rate fell from 6.47% to 6.43% over the seven-day period ended Sept. 14, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.16% to 6.11%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.14% to 6.10%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.63% to 5.60%, Freddie Mac reported. Fees and points averaged 0.4 of a point for 15-year fixed-rate mortgages, 0.5 of a point for 30-year fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Although 30-year mortgage rates are about three-fourths of a percentage point higher than they were last year, it's good to keep in mind that rates have dropped from the high of 6.80% reached just eight weeks ago," said Frank Nothaft, Freddie Mac's chief economist. "And with short-term interest rate increases seemingly on hold, for a while at least, interest rates over all should not experience any big shifts in either direction." A year ago, the average 30-year and 15-year fixed rates were 5.74% and 5.32%, respectively, and the average hybrid and one-year ARM rates were 5.26% and 4.46%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.