Mortgage Rates Dip Slightly

McLEAN, Va. - (01/28/05) -- Long-term mortgage rates declinedslightly this week, falling for the fourth week in a row, accordingto Freddie Mac. The average for the 30-year, fixed-rate mortgagedipped to 5.66% this week, from 5.67% last week; while the averagefor the 15-year, fixed-rate loan slipped to 5.14%, from 5.15%.Frank Nothaft, chief economist for Freddie Mac, predicted littlemovement in rates for the short-term. "Until the market gets abetter read of how the economy performed at the end of last yearand how the Fed interprets that information, interest rates willlikely remain calm," said Nothaft. ARM rates were mixed, with theaverage for the one year ARM rising to 4.18% from 4.11% last week;and the average for the five-year ARM falling to 5.02%, from5.05%.