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Industry News

Long-term Mortgage Rate At Highest Level In Nine Months On News Of Substantial Job Growth Last Month

May 13, 2004

One-Year ARM Jumps To Eight Month High

McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.34 percent, with an average 0.7 point, for the week ending May 13, 2004, up from last week when it averaged 6.12 percent. Last year at this time, the 30-year FRM averaged 5.45 percent.

The average for the 15-year FRM this week is 5.72 percent, with an average 0.7 point, up from last week when it averaged 5.47 percent. A year ago, the 15-year FRM averaged 4.84 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.90 percent this week, with an average 0.7 point, up from last week when it averaged 3.76 percent. At this time last year, the one-year ARM averaged 3.67 percent.

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

"Last month's huge surge in employment figures reaffirmed market expectations that the Fed will move sooner now rather than later," said Frank Nothaft, Freddie Mac vice president and chief economist. "This put pressure on the bond market, and as yields grew, so did mortgage rates.

"The Producer Price Index (PPI) came out today higher than had been expected, due primarily to the continuing rise in energy prices. The Consumer Price Index (CPI) will come out tomorrow and with that the focus of concern shifts away from the lack of job growth and towards inflation as a deciding factor for the Fed in determining the timing of any future action."

Source: Freddie Mac

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