Rates Dip

The average 30-year fixed mortgage rate fell from 6.17% to 6.16% for the seven-day period ended April 26, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.89% to 5.87%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 5.92% to 5.88%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.45% to 5.43%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "Recent economic data releases showing weaker existing-home sales in March, coupled with lower consumer confidence in April, caused the market to pause and re-evaluate the potential growth of the economy this year," said Frank Nothaft, Freddie Mac's chief economist. "This allowed all mortgage rates to decline slightly this week." A year ago, the average 30-year and 15-year fixed rates were 6.58% and 6.21%, respectively, and the average hybrid and one-year ARM rates were 6.21% and 5.68%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.