Mortgage Rates Relatively Steady After Recent Fed Statement
February 5, 2004
McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.72 percent, with an average 0.6 point, for the week ending February 5, 2004, up from 5.68 percent last week. Last year at this time, the 30-year FRM averaged 5.88 percent.
The average for the 15-year FRM this week is 5.03 percent, with an average 0.6 point, up from last week's average of 4.97 percent. A year ago, the 15-year FRM averaged 5.27 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.61 percent this week, with an average 0.6 point, up from 3.59 percent last week. At this time last year, the one-year ARM averaged 3.89 percent.
"Shrugging off statements by the Fed last week, mortgage rates remained relatively more stable than bond market yields," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Without a key indicator that would move it one way or another, the financial market is in something of a state of limbo.
"The prime missing ingredient to sustainable growth is jobs, so January's employment report, due out tomorrow, may just be the sign that is needed to help the market decide which way to go."
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