Rates Fall

The average 30-year fixed mortgage rate fell from 6.46% to 6.31% for the seven-day period ended Sept. 13, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.15% to 5.97%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.32% to 6.17%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.74% to 5.66%, Freddie Mac reported. Fees and points averaged 0.4 of a point for 15-year fixed-rate mortgages, 0.5 of a point for 30-year fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.8 of a point for one-year ARMs. "Interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage points below the previous week's level," said Frank Nothaft, Freddie Mac's chief economist. "The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home." A year ago, the average 30-year and 15-year fixed rates were 6.43% and 6.11%, respectively, and the average hybrid and one-year ARM rates were 6.10% and 5.60%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.