Mortgage Rates Drop

Mortgage Rates Tumble for 6th Week(January 20, 2006) -- The national average commitment rate on a 30-year, fixed mortgage fell to 6.10 percent from 6.15 percent over the past week, according to Freddie Mac.This marks the sixth consecutive weekly decline and the lowest since October. The national average commitment rate, along with fees and points charged by lenders, reflects the cost of obtaining a mortgage.The national average commitment rate on a 15-year, fixed mortgage dropped to 5.67 percent from 5.71 percent over the same time span. The average five-year hybrid adjustable rate slipped to 5.75 percent from 5.76 percent, but the average one-year ARM rose to 5.18 percent from 5.15 percent. Freddie Mac chief economist Frank Nothaft attributed the decreases to low inflation. Source: Tacoma News Tribune (WA) (01/20/06); Crutsinger, Martin