Mortgage Rate Slips Lower

Freddie Mac reported on March 3, 2006, that interest rates on 30-year, fixed-rate mortgages averaged 6.24 percent this week, down from 6.26 percent last week.

The 30-year rate declined for three straight weeks at the beginning of the year, then posted four straight increases, hitting a high for 2006 of 6.28 percent three weeks ago.

Average rates on one-year, adjustable-rate mortgages edged up slightly to 5.34 percent this week, from 5.32 percent last week.

One year ago, 30-year mortgage rates averaged 5.79 percent and one-year ARMS were at 4.41 percent.