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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 3.99%
15 yr fixed 3.06%
5/1 ARM 3.20%
30 yr refi 4.00%
15 yr refi 3.08%

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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

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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Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.