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Industry News

Mortgage Rates Reach Seven Month Lows This Week, According To Freddie Mac Survey

February 20, 2004

Lack Of Inflation Keeps Rates Affordable

McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.58 percent, with an average 0.6 point, for the week ending February 19, 2004, down from 5.66 percent last week. Last year at this time, the 30-year FRM averaged 5.84 percent. This is the lowest the 30-year FRM has been since the week ending July 11, 2003, when it was 5.52 percent.

The average for the 15-year FRM this week is 4.87 percent, with an average 0.6 point, down from last week's average of 4.96 percent. A year ago, the 15-year FRM averaged 5.21 percent. This is the lowest the 15-year FRM has been since the week ending July 11, 2003, when it was 4.85 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.53 percent this week, with an average 0.6 point, down from 3.57 percent last week. At this time last year, the one-year ARM averaged 3.81 percent. This is the lowest the one-year ARM has been since the week ending July 4, 2003, when it averaged 3.49 percent.

"Mortgage rates this week are at seven month lows and teetering on the 45-year low levels of last summer," said Frank Nothaft, Freddie Mac chief economist. "There continues to be no sign of inflation on the horizon and, as a matter of fact, core inflation is at a generational low. This is good news for housing, as low mortgage rates make homeownership more available to a broader segment of society."

Source: Freddie Mac



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The National Mortgage Rate Snapshot
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1-Yr
ARM
5.58 4.87 3.53
0.6 0.6 0.6
30-Yr 15-Yr 1-Yr
ARM
5.66 4.96 3.57
0.7 0.7 0.7
30-Yr 15-Yr 1-Yr
ARM
5.884 5.21 3.81
0.6 0.6 0.7