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Mortgage rates mixed
Average 15-year, 30-year rates dip as consumers wait for more economic news; ARMs rise.
June 3, 2004: 11:53 AM EDT

NEW YORK (CNN/Money) - Home loan rates were mixed, a mortgage finance firm said Thursday, as the markets wait for more economic news.

Mortgage Rates
30 yr fixed 3.89%
15 yr fixed 2.88%
5/1 ARM 3.11%
30 yr refi 3.99%
15 yr refi 2.98%

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Rates provided by Bankrate.com.

"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."

For the week ended June 3, the rate on 30-year fixed-rate mortgages averaged 6.28 percent, with an average 0.7 point payable up front, down slightly from the previous week when it averaged 6.32, according to mortgage financier Freddie Mac.

Last year at this time, the 30-year averaged 5.26 percent.

The 15-year mortgage dipped to 5.63 percent from last week's 5.69 percent, with 0.7 point payable up front. A year ago, it was 4.66 percent.

The one-year adjustable rate mortgage (ARM) averaged 3.98 percent, up from 3.87 percent the previous week, with 0.6 point payable up front. A year earlier it averaged 3.59 percent.

"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," Nothaft added.

"Currently, for new mortgages, all ARM products make up about one-third of the market."

Freddie Mac's average mortgage rates are based on a survey of 125 lenders nationwide.

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Freddie Mac

Freddie Mac (FRE: down $0.03 to $58.42, Research, Estimates), or Federal Home Loan Mortgage Corp., is a publicly traded company the government established in 1970 to provide a flow of funds to mortgage lenders. It buys mortgages from banks, bundles them and then resells them as mortgage-backed securities.

Its products, and the products of other similar entities, have become popular as an alternative to government-backed bonds, notably with international investors.  Top of page

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