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Home loan rates mixed
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.

Mortgage Rates
30 yr fixed 3.89%
15 yr fixed 3.21%
5/1 ARM 2.87%
30 yr refi 3.96%
15 yr refi 3.30%

Find personalized rates:
 

Rates provided by Bankrate.com.

"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.

Weekly rates information
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Home loan rates mixed
12-mo. CD rates inch higher
Credit card rates lie low

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.

MORTGAGES: *TOP NATIONAL LENDERS
As of June 22, 2004
  15 Yr Conforming 30 Yr Conforming 1 Yr Adjustable
Institution Rate APR Pts Rate APR Pts Rate APR Pts
Washington Mutual 5.750 5.840 0.000 6.375 6.433 0.000 4.750 4.861 0.000
Wells Fargo 5.750 5.792 0.000 6.250 6.275 0.000 5.375 4.988 0.000
Bank of America 5.750 5.832 0.027 6.250 6.365 0.426 4.500 4.801 0.119
Countrywide 6.125 6.162 0.000 6.625 6.648 0.000 4.500 5.081 0.000
National City Mortgage 5.875 6.110 0.000 6.625 6.774 0.000 4.375 5.039 1.000
Mortgage rates are based on a purchase of a single family, owner occupied residence requiring 20% down payment. Conforming loan amount up to $333,700, Jumbo up to $650,000.
*Top National Lenders based by $ amount funded.
Source: Informa Research Services, Inc., 800-848-0218. © 2004. All rights reserved. May not be reproduced or retransmitted in any form without express written consent of Informa Research Services, Inc.

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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 LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 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 © 2012 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. 2012. All rights reserved. Most stock quote data provided by BATS.