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Recent Gradual Rise In Mortgage Rates Stalls Refinancing, Slowing The Demand For Lending

June 17, 2004

Long- And Short-Term Mortgage Rates Flat This Week

McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.32 percent, with an average 0.5 point, for the week ending June 17, 2004, up slightly from last week when it averaged 6.30 percent. Last year at this time, the 30-year FRM averaged 5.21 percent.

The average for the 15-year FRM this week is 5.70 percent, with an average 0.5 point, up a little from last week when it averaged 5.67 percent. A year ago, the 15-year FRM averaged 4.60 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.13 percent this week, with an average 0.7 point, down slightly from last week when it averaged 4.14 percent. At this time last year, the one-year ARM averaged 3.54 percent.

"The recent increase in mortgage rates has given the housing market a slight breather from the frantic pace in lending that has been prevalent over the last few years," said Frank Nothaft, Freddie Mac vice president and chief economist. "That said, housing starts – although down a little from the month before – were still remarkably strong in May with most of the decrease in overall construction coming from a drop off in multi-unit building. Construction of new single family homes, however, actually increased to the highest level since December.

"Given the current economic environment, we anticipate mortgage rates will remain at or near their current consumer-friendly levels at least for the remainder of the year."

The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1-Yr ARM
6.32

5.70

4.13
0.5 0.5 0.7
30-Yr 15-Yr 1-Yr ARM
6.30

5.67

4.14
0.7 0.7 0.7
30-Yr 15-Yr 1-Yr ARM
5.21 4.60 3.54
0.5

0.5

0.6

Source: Freddie Mac



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