Mortgage rates dip

Mortgage rates edged lower in the week ending Thursday, Freddie Mac said, as calm inflation helped keep interest rates in check.

• The national average rate on the benchmark 30-year mortgage fell to 6.15% from 6.21% a week earlier. That marked the fifth straight dip in the rate, although it is still above its year-ago level of 5.74%.
• One-year Treasury-indexed ARMs averaged 5.15%, nearly level with last week's 5.16%. ARMs, which have been more sensitive to increases in interest rates from the Federal Reserve over the past year, remain considerably higher than year-ago levels, when the one-year ARM averaged 4.1%.

For more information, contact Connie Echeverria at Prosperity Mortgage.