30-Year Mortgage Rates Slip Again As Markets Wait For Economy To Stop Sputtering

August 13, 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 5.85 percent, with an average 0.6 points, for the week ending August 12, 2004, slipping from last week when it averaged 5.99 percent. Last year at this time, the 30-year FRM averaged 6.34 percent.

The average for the 15-year FRM this week is 5.24 percent, with an average 0.6 points, down from last week when it averaged 5.40 percent. A year ago, the 15-year FRM averaged 5.66 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.08 percent this week, with an average 0.6 points, unchanged from last week when it averaged 4.08 percent. At this time last year, the one-year ARM averaged 3.80 percent.

“Last Friday’s unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy,” said Amy Crews Cutts, Freddie Mac deputy chief economist

“The Fed’s rate hike on Tuesday was expected and the Fed’s cautiously optimistic outlook calmed the market. As a result, 30-year fixed mortgage rates should stay steady near or just below 6% for a while, giving prospective homebuyers another chance to get in with a low rate,” added Cutts.

The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1-Yr ARM
5.85

5.24

408
0.6 0.6 0.6
30-Yr 15-Yr 1-Yr ARM
5.99

5.40

4.08
0.7 0.6 0.6
30-Yr 15-Yr 1-Yr ARM
6.34 5.66 3.80
0.7

0.7

0.6

Source: Freddie Mac


Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue.