Rates Hit Another Record Low

The average 30-year fixed mortgage rate slipped to yet another a survey-record low of 5.79% for the week ending Feb. 28 from 5.84% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.21% to a survey-record low of 5.14%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages inched up from 3.81% to a 3.83%. Fees and points averaged 0.6 points for fixed-rate mortgages and for ARMs. "Debilitating forces, such as looming war clouds in the Mideast, declining consumer confidence and other issues, are making an economic rebound difficult," said Frank Nothaft, Freddie Mac's chief economist. "And when the economy is weak, rates tend to follow suit." A year ago, the average 30-year and 15-year fixed rates were 6.80% and 6.28%, respectively, and the average one-year ARM rate was 4.94%, Freddie Mac said.