Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.21 percent this week, with an average 0.4 point, down from last week when it averaged 6.27 percent. A year ago, the five-year ARM averaged 5.40 percent.

One-year Treasury-indexed ARMs averaged 5.69 percent this week, with an average 0.8 point, unchanged from last week when it averaged 5.69 percent. At this time last year, the one-year ARM averaged 4.57 percent.

"The weaker than expected jobs report combined with the Fed's decision to pass on raising rates at its last meeting led directly to lower rates this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Interest rates for fixed-rate mortgages have dropped to levels last seen in the spring of
this year."

"Lower rates may bring about a rise in refinancing activity as homeowners with ARMs getting ready to reset decide to take advantage by locking into a fixed-rate mortgage now rather than waiting until the adjustment date when rates may be higher."