Rates Dip Further

The average 30-year fixed mortgage rate fell to 5.64% for the week ending Jan. 23 from the previous week's 5.66%, another six-month low, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 4.97% to 4.95%, and the average rate for one-year Treasury-indexed adjustable-rate mortgages declined from 3.62% to 3.56%. Fees and points averaged 0.6 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Mortgage rates remain low as the economy picks up steam, allowing families a chance to purchase a new home or refinance if they haven't yet," said Frank Nothaft, Freddie Mac's chief economist. "In 2003, single-family housing starts were at their highest annual average in 25 years, and average total home sales are expected to break new records." A year ago, the average 30-year and 15-year fixed rates were 5.91% and 5.31%, respectively, and the average one-year ARM rate was 3.93%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.