Mortgage Rates Move Lower

McLEAN, Va. - (02/24/06) – Long-term mortgage rates edgedlower this week, according to Freddie Mac. The average for thebenchmark 30-year, fixed-rate loan slipped to 6.26% this week, from6.28% last week; while the average for the 15-year, fixed-ratemortgage dipped to 5.89%, from 5.91%. ARM rates were flat, with thefive-year ARM average move up a single basis point to 5.96% thisweek, and the average for the one-year ARM falling to 5.32%, from5.36% last week. Freddie Mac’s Chief Economist Frank Nothaftcontinued see-sawing of rates for the short-term. Market confidencethat the Fed will continue to keep inflation low kept mortgagerates in check this week, said Nothaft. Over the long term, weexpect mortgage rates will bounce back and forth a bit, remainingnear current levels.