Rates Mixed

The average 30-year fixed mortgage rate for the week ending June 12 dipped to 7.04% from 7.05% for the week ended June 5, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate crept up to 6.71% from 6.70%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages rose to 5.71% from 5.68%. Fees and points averaged 1.0 for the fixed-rate mortgages and 1.1 for the ARMs. A year ago, the average 30-year and 15-year fixed rates were 7.72% and 7.27%, respectively, and the average one-year ARM rate was 5.67%. Frank Nothaft, Freddie Mac's deputy chief economist, predicted "a continuance of low, affordable rates" in light of recent remarks by Federal Reserve Board chairman Alan Greenspan that the Fed is unlikely to raise interest rates in the near future.