Mortgage Rates Head Lower

McLEAN, Va. - (04/22/05) -- Long-term mortgage rates slippedagain this week, for the third week in a row, bringing them belowtheir March levels, according to Freddie Mac. The average for thebenchmark 30-year, fixed-rate mortgage dipped to 5.80% this week,from 5.91% last week; while the average for the 15-year, fixed-rateloan fell to 5.36%, from 5.46%. ARM rates also dropped, with theaverage for the five-year ARM slipping to 5.22%, from 5.31%; andthe average for the one-year ARM declining to 4.26%, from 4.30%.The three weeks of falling rates comes after seven weeks of risingrates. "Interest rates in general have been oscillating with everypiece of economic news released lately," said Frank Nothaft, chiefeconomist for Freddie Mac. "The market is switching its focusbetween the strength of the economy and the fear of inflation.Thus, although mortgage rates have dropped the last two weeks, thatdoesn't necessarily indicate a trend."