The average 30-year fixed mortgage rate fell slightly, from 6.31% to 6.30%, over the seven-day period ended Oct. 5, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged at 5.98%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was unchanged at 6.00%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.47% to 5.46%, Freddie Mac reported. Fees and points averaged 0.3 of a point for 30-year fixed-rate mortgages, 0.4 of a point for 15-year fixed-rate mortgages, 0.5 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Mortgage rates fell to a six-month low this past week, and, not surprisingly, home refinancing rose 18% last week, accounting for almost half of all mortgage applications," said Frank Nothaft, Freddie Mac's chief economist. "This is due both to the recent decline in mortgage rates and to homeowners who are refinancing ARMs rather than waiting for them to reset in the future when rates may be higher." A year ago, the average 30-year and 15-year fixed rates were 5.98% and 5.54%, respectively, and the average hybrid and one-year ARM rates were 5.48% and 4.77%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.

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