Dip in Home Mortgage rates as of February 9, 2007

Mortgage rates eased this week on the heels of Friday's employment report that showed weaker-than-expected job growth in January. 30-year fixed rate mortgages averaged 6.28% this week compared to 6.34% last week according to Freddie Mac's mortgage market survey. Economists at Freddie Mac predict that long term rates will hover between 6.3% and 6.5% this year which would cause the refinance share of origination to contract to 42% from 49% currently