30-Year Mortgage Rates Slip Again As Markets Wait For Economy To Stop Sputtering
August 13, 2004
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.85 percent, with an average 0.6 points, for the week ending August 12, 2004, slipping from last week when it averaged 5.99 percent. Last year at this time, the 30-year FRM averaged 6.34 percent.
The average for the 15-year FRM this week is 5.24 percent, with an average 0.6 points, down from last week when it averaged 5.40 percent. A year ago, the 15-year FRM averaged 5.66 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.08 percent this week, with an average 0.6 points, unchanged from last week when it averaged 4.08 percent. At this time last year, the one-year ARM averaged 3.80 percent.
“Last Friday’s unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy,” said Amy Crews Cutts, Freddie Mac deputy chief economist
“The Fed’s rate hike on Tuesday was expected and the Fed’s cautiously optimistic outlook calmed the market. As a result, 30-year fixed mortgage rates should stay steady near or just below 6% for a while, giving prospective homebuyers another chance to get in with a low rate,” added Cutts.
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Source: Freddie Mac
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