Rates Drop

The average 30-year fixed mortgage rate dropped to 6.01% for the week ending July 9 from 6.21% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.62% to 5.42%, while the average rate for one-year Treasury-indexed ARMs declined from 4.19% to 4.05%. Fees and points averaged 0.6 of a point for all three mortgage categories. "Long-term mortgage rates this week fell to levels equal to those experienced in April, reacting in large part to last Friday's news of less-than-stellar job growth in June," said Frank Nothaft, Freddie Mac's chief economist. "This is good news for those who are still house hunting, as lower rates mean more affordable housing." A year ago, the average 30-year and 15-year fixed rates were 5.40% and 4.75%, respectively, and the average one-year ARM rate was 3.49%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.