Rates Dip

The average 30-year fixed mortgage rate fell to 6.00% for the week ending July 16 from 6.01% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.42% to 5.40%, while the average rate for one-year Treasury-indexed ARMs declined from 4.05% to 4.02%. Fees and points averaged 0.6 of a point for all three mortgage categories. "Taken as a whole, there are few compelling reasons why mortgage rates should dramatically increase right now," said Frank Nothaft, Freddie Mac's chief economist. "In terms of the economy, retail sales, industrial production, and producer prices were all lower than expected in June. Additionally, the Federal Reserve Board appears to be on target in quelling any future surges in inflation." A year ago, the average 30-year and 15-year fixed rates were 5.52% and 4.85%, respectively, and the average one-year ARM rate was 3.55%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.