Little Change Seen In Mortgage Rates From Last Week To This Week
February 26, 2004
Low Rates Keep Housing Activity Robust
McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.58 percent, with an average 0.7 point, for the week ending February 26, 2004, unchanged from last week. Last year at this time, the 30-year FRM averaged 5.79 percent.
The average for the 15-year FRM this week is 4.89 percent, with an average 0.7 point, up very slightly from last week's average of 4.87 percent. A year ago, the 15-year FRM averaged 5.14 percent
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.50 percent this week, with an average 0.7 point, down from 3.53 percent last week. At this time last year, the one-year ARM averaged 3.83 percent. This is the lowest the one-year ARM has been since the week ending July 4, 2003, when it averaged 3.49 percent.
?Financial markets seem to have locked into this level of mortgage rates. There was very little movement either way this week,? said Frank Nothaft, Freddie Mac chief economist. ?And it looks like consumers are taking advantage of the low level of mortgage rates, as applications for home purchases and refinancing are up for the last two weeks.
?New and existing home sales were down in January, but that reflected a drop in applications in late November and into December. Inventories, however, remain lean suggesting that demand continues to be high.?
|The National Mortgage Rate Snapshot
||One Week Ago
||One Year Ago
Source: Freddie Mac