Rates for 15-year, 30-year mortgages pull back slightly, but 1-year ARM inches higher. June 23, 2004: 2:36 PM EDT
NEW YORK (CNN/Money) - Mortgage rates were mixed the week ended June 22, with the 30-year fixed mortgage dipping to 6.41 percent, down slightly from 6.47 percent the week prior.
Current Mortgage Rates
Type
Overnight avgs
30 yr fixed mtg
5.34%
15 yr fixed mtg
4.86%
30 yr fixed jumbo mtg
6.51%
5/1 ARM
4.56%
5/1 jumbo ARM
5.25%
"The slight decline in 15-year and 30-year fixed rate mortgages is largely due to stronger bond prices," said Mavel Vargas, manager of mortgage lending research at Informa Research Services, Inc. "Typically, when bond yields drop mortgage rates follow because lenders use the yields as benchmarks to set values on mortgages packaged and sold as securities."
The benchmark mortgage rate stood at 6.44 percent roughly one month ago, according to Informa, and had a range of 5.46 to 7.39 percent for the week ended June 22.
The average 15-year fixed mortgage rate pulled back slightly to an average of 5.82 percent, down from 5.85 percent the previous week, with a range of 4.69 percent to 6.99 percent. Rates stood at 5.81 percent a month earlier.
Adjustable rate mortgages (ARMs), however, picked up some momentum, rising to a 4.87 percent average from 4.78 percent last week with a range of 3.12 to 6.18 percent. ARM rates stood at 4.55 percent a month earlier.
Below are the rates for three key mortgage products from five top national mortgage lenders. You can compare rates from more institutions with the rate-search tools above.