Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.04% during the week ended February 19 from 5.16% the prior week, while the 15-year fixed rate fell to 4.68% from 4.81%. Meanwhile, interest on five-year hybrid adjustable-rate loans dropped to 5.04% from 5.23%; and the one-year ARM slipped to 4.80% from 4.94%. Freddie Mac chief economist Frank Nothaft attributes the declines to reports indicating further weakness in the economy.
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