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Mortgage rates seen stabilizing
30-year fixed-rated loan edges up to 6.32%; Freddie Mac says rates may hold fairly steady for now.
June 17, 2004: 11:57 AM EDT

Mortgage Rates
30 yr fixed 4.19%
15 yr fixed 3.18%
5/1 ARM 3.34%
30 yr refi 4.15%
15 yr refi 3.17%

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Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - Mortgage rates edged higher again in the latest week but may have peaked for now, mortgage financier Freddie Mac said Thursday.

The rate on 30-year fixed-rate mortgages averaged 6.32 percent in the week ending Thursday, with an average of half a point payable up front, up slightly from 6.30 percent the previous week, Freddie Mac said.

A year ago, the rate on the 30-year fixed-rate loan averaged 5.21 percent.

The 15-year mortgage rate edged up to 5.70 percent from 5.67 percent, also with half a point payable up front. A year ago, it was 4.60 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.13 percent, down slightly from 4.14 percent the previous week, with 0.7 of a point payable up front. A year ago the average rate for ARMs was 3.54 percent.

"The recent increase in mortgage rates has given the housing market a slight breather from the frantic pace in lending that has been prevalent over the last few years," Freddie Mac vice president and chief economist Frank Nothaft said in a statement.

"That said, housing starts -- although down a little from the month before -- were still remarkably strong in May with most of the decrease in overall construction coming from a drop off in multiunit building," Nothaft said, adding that single-family home building rose to its highest since December.

"Given the current economic environment, we anticipate mortgage rates will remain at or near their current consumer-friendly levels at least for the remainder of the year," Nothaft added.

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

Freddie Mac (FRE: down $0.20 to $61.22, Research, Estimates), a publicly listed company the government established in 1970 to provide a flow of funds to mortgage lenders, buys mortgages from banks and 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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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.