Fixed-Rate Mortgage Rates Dip In Latest Freddie Mac Survey
January 22, 2004
McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.64 percent, with an average 0.6 point, for the week ending January 22, 2004, down from 5.66 percent last week. Last year at this time, the 30-year FRM averaged 5.91 percent. This is the lowest the 30-year FRM has been since the week ending July 11,2003.
The average for the 15-year FRM this week is 4.95 percent, with an average 0.6 point, down from last week’s average of 4.97 percent. A yearago, the 15-year FRM averaged 5.31 percent. Fifteen-year fixed-rate mortgages have also not been this low since the week ending July 11, 2003.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.56 percent this week, with an average 0.7 point, down from 3.62 percent last week. At this time last year, the one-year ARM averaged 3.93 percent.This is the lowest the 1-year ARM has been since the week ending July 18, 2003, when it averaged 3.58 percent.
“Mortgage rates remain low as the economy picks up steam allowing families a chance to purchase a new home or refinance if they haven’t yet.In 2003, single-family housing starts were at their highest annual average in twenty-five years, and average total-home sales are expected to break new records,” said Frank Nothaft, Freddie Mac’s Chief Economist.
“With low prospects of inflation increasing anytime soon, mortgage rates should remain affordable over the first half of this year. Only last week, mortgage applications for home purchase hit a new record high, according to the Mortgage Bankers Association, thus reinforcing the notion of continued resilience in housing market at the onset of 2004.”
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