Mortgage Rates Decline

McLEAN, Va. - (07/28/06) -- Mortgage rates dipped slightly thisweek, with the average for the benchmark 30-year, fixed-ratemortgage falling to 6.72%, from 6.80%, according to Freddie Mac.The average for the 15-year, fixed-rate loan also slipped to 6.34%,from 6.41% last week. ARM rates also declined slightly, with theaverage for the one-year ARM moving down to 5.78% this week, from5.80% last week; and the average for the five-year ARM hitting6.35%, compared to 6.36% last week. Mortgage rates drifted lowerthis week in indications that economic growth is moderating,inflation remains under control and the Fed just may pause raisingrates for awhile, said Frank Nothaft, chief economist at thesecondary mortgage market giant.