McLEAN, Va. – Mortgage rates declined about one-tenth of a percent across the board last week, continuing recent declines, Freddie Mac said yesterday. The average for the benchmark 30-year, fixed-rate loan fell to 6.52%, from 6.62% last week; while the average for the 15-year, fixed-rate mortgage slipped all the way to 6.18%, from 6.30% last week. ARM rates also moved lower, with the average for the one-year ARM dipping to 5.60%, from 5.67%; and the average for the five-year ARM falling a single basis point to 6.34%. Frank Nothaft, chief economist for Freddie Mac, attributed the lower rates to the fall in Treasury yields and the Fed’s decision last week to cut the discount rate by 50 basis points, to 5.75%.
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