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Long Term Mortgage Rates Flat This Week, One-year Arm Continues To Slip

March 19, 2004

McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.38 percent, with an average 0.7 point, for the week ending March 18, 2004, down from last week when it averaged 5.41 percent. Last year at this time, the 30-year FRM averaged 5.79 percent.

The average for the 15-year FRM this week is 4.69 percent, with an average 0.7 point, unchanged from last week's average. A year ago, the 15-year FRM averaged 5.11 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.39 percent this week, with an average 0.6 point, down from 3.41 percent last week. At this time last year, the one-year ARM averaged 3.75 percent. This is the lowest the one-year ARM has been since Freddie Mac began tracking those figures in January 1984.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Mortgage rates this week are barely above the generational low levels we saw in June of last year," said Frank Nothaft, Freddie Mac chief economist. "Indeed, Freddie Mac's annual average forecast of long-term mortgage rates is approximately 5.75 percent for the 30-year FRM this year, well below the 33-year historical average.

"That said, we are currently predicting that this will fuel yet another record year for total home sales." The National Mortgage Rate Snapshot This Week One Week Ago One Year Ago 30-Yr 15-Yr 1-Yr ARM 5.38

4.69 3.39 0.7 0.7 0.6 30-Yr 15-Yr 1-Yr ARM 5.41

4.69 3.41 0.6 0.7 0.6 30-Yr 15-Yr 1-Yr ARM 5.79 5.11 3.75 0.6

0.6 0.6

 

Source: Freddie Mac



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