Mortgage Rates Slip Back As Upward Pressures Ease Off According To Freddie Mac Weekly Survey
August 5, 2004
Inventories Of Homes For Sale Remain Tight
McLean, VA – Freddie Mac's (NYSE:FRE) Primary Mortgage Market Survey revealed that the 30-year fixed-rate mortgage (FRM) averaged 5.99 percent, with an average 0.7 point, for the week ending August 5, 2004, slipping from last week when it averaged 6.08 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.
The average for the 15-year FRM this week is 5.40 percent, with an average 0.6 point, down from last week when it averaged 5.49 percent. A year ago, the 15-year FRM averaged 5.44 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.08 percent this week, with an average 0.6 point, down from last week when it averaged 4.17 percent. At this time last year, the one-year ARM averaged 3.68 percent.
"Additional economic indicators this week confirmed that June was a weak month for the nation as a whole. Consequently, the upward pressure on interest rates eased, allowing mortgage rates to return to earlier, lower levels," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Inventories of available homes for sale are very tight right now. Fortunately, mortgage rates have been most accommodating for homebuyers lately, which allows families looking for a new home the additional time needed to find their home of choice," added Nothaft.
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Source: Freddie Mac