Rates Set More Records

The average 30-year fixed mortgage rate dropped to another survey-record low of 5.67% for the week ending March 7 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from a survey-record low of 5.14% to 5.01%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages dropped from 3.83% to a survey-record low of 3.76%. Fees and points averaged 0.6 points for all three mortgage categories. "The political and economic uncertainty of war in Iraq is wearing on the confidence of consumers and restraining business expansion," said Frank Nothaft, Freddie Mac's chief economist. "That, in turn, translates into a weaker economy, which places downward pressure on interest and mortgage rates." A year ago, the average 30-year and 15-year fixed rates were 6.87% and 6.37%, respectively, and the average one-year ARM rate was 5.07%, Freddie Mac said.