Rates in Holding Pattern

The average 30-year fixed mortgage rate fell from 6.37% to 6.36% over the seven-day period ended Oct. 19, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged at 6.06%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages crept up from 6.10% to 6.11%, and the average rate for one-year Treasury-indexed ARMs increased from 5.56% to 5.57%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs and 0.8 of a point for one-year ARMs. "Mortgage rates didn't move much either way this week as the markets wait for the next scheduled [Federal Open Market Committee] meeting," said Frank Nothaft, Freddie Mac's chief economist. "General consensus leans heavily toward the notion that the Fed will not raise rates at that meeting, taking upward pressure off mortgage rates this week." A year ago, the average 30-year and 15-year fixed rates were 6.10% and 5.65%, respectively, and the average hybrid and one-year ARM rates were 5.59% and 4.89%, respectively, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.