NEW YORK (CNN/Money) - Mortgage rates eased the week ended July 6, with the 30-year fixed mortgage dipping to 6.30 percent, down slightly from 6.39 percent the week prior.
"While the Fed's rate hike of 25 basis points does not directly influence long term mortgage rates, this week saw an easing of mortgage rates due to a greater feeling of certainty and an end to the speculation about U.S. interest rate activity," said Mavel Vargas, mortgage lending research manager at Informa Research Services.
The benchmark mortgage rate stood at 6.44 a month earlier, according to Informa, and had a range of 5.46 percent to 7.39 percent for the week ended July 6.
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The average 15-year fixed mortgage rate pulled back slightly to an average of 5.72 percent, down from 5.8 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) fell to a 4.84 percent average from 4.85 percent the week prior, with a range of 3.05 percent to 6.10 percent. ARM rates stood at 4.61 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 tool above.
MORTGAGES: *TOP NATIONAL LENDERS
As of July 6, 2004
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15 Yr Conforming |
30 Yr Conforming |
1 Yr Adjustable |
| Institution |
Rate |
APR |
Pts |
Rate |
APR |
Pts |
Rate |
APR |
Pts |
| Washington Mutual |
5.500 |
5.588 |
0.000 |
6.375 |
6.433 |
0.000 |
4.500 |
4.921 |
0.000 |
| Wells Fargo |
5.500 |
5.541 |
0.000 |
6.125 |
6.150 |
0.000 |
5.375 |
4.988 |
0.000 |
| Bank of America |
5.375 |
5.522 |
0.184 |
6.000 |
6.089 |
0.201 |
4.375 |
4.675 |
0.124 |
| Countrywide |
5.750 |
5.830 |
0.000 |
6.250 |
6.299 |
0.000 |
3.625 |
5.054 |
0.000 |
| National City Mortgage |
5.875 |
6.110 |
0.000 |
6.625 |
6.750 |
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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