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Industry News

Mortgage Rates Flat As Housing Continues To Shine Rates Remain True to Forecast For The Year

October 1, 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 5.72 percent, with an average 0.6 points, for the week ending September 30, 2004, up slightly from last week when it averaged 5.70 percent. Last year at this time, the 30-year FRM averaged 5.98 percent.

The average for the 15-year FRM this week is 5.12 percent, with an average 0.6 points, also up slightly from last week when it averaged 5.10 percent. A year ago, the 15-year FRM averaged 5.30 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.97 percent this week, with an average 0.6 points, down from last week when it averaged 4.00 percent. At this time last year, the one-year ARM averaged 3.77 percent.

“Mortgage rates didn’t move much this week, keeping us on target with industry forecasts for the year,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Our forecast is for the 30-year fixed-rate mortgage rate to remain below six percent for the rest of the year and not much higher than that for 2005.

“Low mortgage rates continue to keep the housing market vibrant. Indeed, the Mortgage Bankers Association figures show that applications for home purchase and refinancing – both of which had fallen off somewhat – have rebounded to the higher levels experienced earlier in the year.”
The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1-Yr ARM
5.72 5.12 3.97
0.6 0.6 0.6
30-Yr 15-Yr 1-Yr ARM
5.70 5.10 4.00
0.7 0.7 0.7
30-Yr 15-Yr 1-Yr ARM
5.98 5.30 3.77
0.6 0.5 0.6

Source: Freddie Mac

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