The average 30-year fixed mortgage rate fell from 6.33% to 6.26% for the seven-day period ended Nov. 1, its lowest level since the 6.21% recorded in the week ended May 17, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.99% to 5.91%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages declined from 6.03% to 5.98%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.66% to 5.57%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and hybrid ARMs and 0.6 of a point for one-year ARMs. "October's consumer confidence fell to its lowest level since October 2005 as mortgage rates continued to decline this week to their lowest level in almost six months," said Frank Nothaft, Freddie Mac's chief economist. "Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks." A year ago, the average 30-year and 15-year fixed rates were 6.31% and 6.02%, respectively, and the average hybrid and one-year ARM rates were 6.05% and 5.53%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.

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