Rate Update

Mortgage Rates Fell in Latest Week(January 13, 2006) --

The national average commitment rate on a 30-year, fixed mortgage dipped to 6.15 percent from 6.21 percent over the past week, according to Freddie Mac.

The national average commitment rate on a 15-year, fixed mortgage fell to 5.71 percent from 5.76 percent over the same time span. The average rate on a one-year, adjustable-rate mortgage slipped to 5.15 percent from 5.16 percent, while the five-year hybrid ARM dipped to 5.76 percent from 5.78 percent.

Freddie Mac chief economist Frank Nothaft attributes the drop in mortgage rates to "some economic data releases that pointed toward more subdued inflation in the near term."

Source: The Wall Street Journal (01/13/06)