Rates Fall

The average 30-year fixed mortgage rate fell to 5.99% for the week ending Aug. 6 from 6.08% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.49% to 5.40%, while the average rate for one-year Treasury-indexed ARMs declined from 4.17% to 4.08%. Fees and points averaged 0.7 of a point for 30-year fixed-rate mortgages and 0.6 of a point for ARMs and 15-year FRMs. "Additional economic indicators this week confirmed that June was a weak month for the nation as a whole," said Frank Nothaft, Freddie Mac's chief economist. "Consequently, the upward pressure on interest rates eased, allowing mortgage rates to return to earlier, lower levels." A year ago, the average 30-year and 15-year fixed rates were 6.14% and 5.44%, respectively, and the average one-year ARM rate was 3.68%, Freddie Mac said.