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Mortgage Rates Flat This Week As Markets Wait For More Economic News

June 3, 2004

ARMs Becoming More Attractive For Those Looking To Refinance Now

McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.28 percent, with an average 0.7 point, for the week ending June 3, 2004, down slightly from last week when it averaged 6.32 percent. Last year at this time, the 30-year FRM averaged 5.26 percent.

The average for the 15-year FRM this week is 5.63 percent, with an average 0.7 point, down a little from last week when it averaged 5.69 percent. A year ago, the 15-year FRM averaged 4.66 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.98 percent this week, with an average 0.6 point, up from last week when it averaged 3.87 percent. At this time last year, the one-year ARM averaged 3.59 percent.

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

"Financial markets are in limbo at the moment, waiting primarily on tomorrow's jobs report for an indication that the growth in the economy is sustainable," said Frank Nothaft, Freddie Mac vice president and chief economist. "We had two months of really strong job increases and a third month would reassure markets and be a stabilizing factor.

"With long-term mortgage rates higher than last year, those still looking to refinance for lower rates may want to take a look at ARMs and hybrid products as they continue to offer terms that are low and attractive. Currently, for new mortgages, all ARM products make up about one-third of the market. The National Mortgage Rate Snapshop This Week One Week Ago One Year Ago 30-Yr 15-Yr 1-Yr ARM 628

5.63 3.98 0.7 0.7 0.6 30-Yr 15-Yr 1-Yr ARM 6.32

5.69 3.87 0.6 0.6 0.6 30-Yr 15-Yr 1-Yr ARM 5.31 4.73 3.63 0.6

0.6 0.6

Source: Freddie Mac

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