Rates Set Records Again

The average 30-year fixed mortgage rate dipped to a survey-record low of 5.84% for the week ending Feb. 21 from 5.86% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.26% to a survey-record low of 5.21%, while the average rate for one-year Treasury-indexed adjustable-rate mortgages dropped from 3.89% to a survey-record low of 3.81%. Fees and points averaged 0.6 points for fixed-rate mortgages and 0.7 points for ARMs. "Despite forecasts to the contrary, January housing starts marked a 16-year high, according to the Commerce Department," said Frank Nothaft, Freddie Mac's chief economist. "Current record-breaking mortgage rates are keeping demand for housing strong, even as the overall economy stumbles sluggishly into the first part of the new year." A year ago, the average 30-year and 15-year fixed rates were 6.81% and 6.28%, respectively, and the average one-year ARM rate was 4.96%, Freddie Mac said.