Rates Mixed

The average 30-year fixed mortgage rate fell from 6.59% to 6.58% over the seven-day period ended May 11, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 6.22% to 6.17%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages crept up from 6.21% to 6.22%, and the average rate for one-year Treasury-indexed ARMs declined from 5.67% to 5.62%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages and hybrid ARMs, and 0.7 of a point for one-year ARMs. "Less-than-expected job growth in April helped mortgage rates to level off this week," said Frank Nothaft, Freddie Mac's chief economist. "Even ARM rates were little affected by the Federal Reserve's increase in the federal funds rate." A year ago, the average 30-year and 15-year fixed rates were 5.77% and 5.33%, respectively, and the average one-year ARM rate was 4.23%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.