	bank board says mortgage rates down in february the federal home loan bank board said  rates on both fixed rate and adjustable rate home mortgage loans were down substantially in early february the bank board said the average effective commitment rate for fixed mortgages with a maturity of at least years for new home purchases dropped to pct in early february a basis point decline from early january the commitment rate on adjustable rate mortgages declined by basis points in the same period bringing the average rate to pct the bank board said the average effective  rate on all loans closed by major lenders declined basis points from early january to pct in early february the lowest rate since march the bank board said the average effective rate for fixed mortgages was was pct down basis points from the early january level the average effective rate for adjustable rate mortgages declined basis points to pct the bank board said reuter 
