Long-Term Mortgage RatesDecline

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McLEAN, Va. - (10/22/04) -- Mortgage rates dipped again thisweek, in tandem with Treasury yields, according to Freddie Mac. Theaverage for 30-year, fixed-rate mortgages fell to 5.69% this week,from 5.74% last week; while the average for 15-year, fixed-rateloans slipped to 5.07%, from 5.14%. One-year ARM averages heldsteady at 4.02%, down a basis point from last week. At the sametime, the yield on the benchmark 10-year Treasury note, which helpsdetermine longer-term mortgage rates, dipped this week edged toward3.96%. A drop below this mark would take the yield to territorylast seen in early April.

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