Rates Dip

The average 30-year fixed mortgage rate fell from 6.22% to 6.18% over the seven-day period ended March 1, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.97% to 5.92%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.96% to 5.93%, and the average rate for one-year Treasury-indexed ARMs was unchanged, at 5.49%, Freddie Mac reported. Fees and points averaged 0.4 of a point for 30-year fixed-rate mortgages, 0.5 of a point for 15-year fixed-rate mortgages, and 0.6 of a point for ARMs. "Mortgage rates drifted lower last week largely on the basis of new economic information suggesting a slower economy and lower inflation," said Frank Nothaft, Freddie Mac's chief economist. "Real [gross domestic product] growth for the last quarter was revised downward to a 2.2% annualized rate, compared to the 3.5% initially estimated, while the accompanying price measure showed that core inflation was tamer than first reported, at a revised 1.9% annualized rate." A year ago, the average 30-year and 15-year fixed rates were 6.24% and 5.89%, respectively, and the average hybrid and one-year ARM rates were 5.97% and 5.34%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.