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Mortgage Rates Decline

Mortgage rates decreased this week, according to Freddie Mac'ss weekly report.



Freddie Mac reported that the benchmark 30-year fixed-rate mortgage declined to 6.72% from 6.80% the week earlier. This marks the second rate decrease in the last three weeks. Yet, the point remains above last year'ss average of 5.77%.



The 15-year mortgage averaged 6.43%, down from 6.41% the week prior. One year ago, the 15-year mortgage averaged 5.34%.



Five-year hybrid mortgages were down just slightly, to 6.35% to 6.36%. One-year ARMs were also down slightly, at 5.78% from 5.80%. One year ago, the five-year hybrid averaged 5.27%, while the one-year averaged 4.46%.



Many economists believe that the Fed will pause rate hikes at the August 8th meeting -- the mortgage rates seem to confirm this belief.



Mortgage rates drifted lower this week on indications that economic growth is moderating, inflation remains under control and the Fed just may pause raising rates for awhile, explained Frank Nothaft, Freddie Mac'ss chief economist.



Meanwhile, recently released new homes sales for June fell to a lower than expected rate. That drop can be traced directly to higher mortgage rates, which are also helping to slow the growth of house prices in 2006.



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