Mortgage rates cool
Freddie Mac says home-loan rates ease ahead of Fed meeting; 30-year fixed-rate dips to 6.25%.
June 24, 2004: 11:51 AM EDT

Mortgage Rates
30 yr fixed 4.48%
15 yr fixed 3.92%
5/1 ARM 4.34%
30 yr refi 4.49%
15 yr refi 3.90%

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NEW YORK (CNN/Money) - Longer-term home-loan rates have cooled in anticipation of the upcoming Federal Reserve Board meeting, mortgage financier Freddie Mac said in its latest report Thursday.

"This week's easing off in mortgage rates is rooted in the market's wait-and-see posture with regard to the Federal Reserve Board's upcoming actions on interest rates," said Frank Nothaft, Freddie Mac vice president and chief economist. The Fed is set to meet on June 30.

The rate on 30-year fixed-rate mortgages averaged 6.25 percent in the week ending June 24, with an average 0.6 point payable up front, down from 6.32 percent the previous week, Freddie Mac said.

A year-earlier, the rate on the 30-year fixed-rate loan averaged 5.24 percent.

The 15-year mortgage rate eased to 5.64 percent from 5.70 percent, also with 0.6 point payable up front. Last year, rates stood at 4.63 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.13 percent, unchanged from the previous week, with 0.7 of a point payable up front. A year-earlier the average rate for ARMs was 3.45 percent.

"Mortgage rates have been remarkably stable and affordable and borrowers responded enthusiastically in May by pushing up new home sales nearly 15 percent – the biggest one month gain in more than 11 years," Nothaft added.

"Our current economic forecast sees 30-year mortgage rates staying in their current and attractive range of six to seven percent for the rest of the year."

Freddie Mac's (FRE: up $0.39 to $61.90, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page

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