Mortgage rates down as inflation fears ease

Mortgage interest rates dropped as fears of inflation eased.  Adjustable rate mortgages were helped the most.  The Fed's aggressive posture and track record for action (i.e. Bear Stearns, liquidity injections, rate cuts), and led by stability of the dollar and tamer-than-expected inflation data all helped the cause. From Market Watch on mortgage rates: The 30-year fixed-rate mortgage averaged 6.01% for the week ending May 15, down from last week's 6.05% average, according to Freddie Mac's weekly survey. The mortgage averaged 6.15% a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.57% this week, down from 5.67% last week. The ARM averaged 5.89% a year ago. And 1-year Treasury-indexed ARMs averaged 5.18% this week, down from last week's 5.29% averag