Mortgage Rates Decline

McLEAN, Va. -- Mortgage rates dipped slightly this week, with the average for the benchmark 30-year, fixed-rate mortgage 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 the average for the one-year ARM moving down to 5.78% this week, from 5.80% last week; and the average for the five-year ARM hitting 6.35%, compared to 6.36% last week. "Mortgage rates drifted lower this week in indications that economic growth is moderating, inflation remains under control and the Fed just may pause raising rates for awhile," said Frank Nothaft, chief economist at the secondary mortgage market giant.