Average rates for home loans droop; 30-year fixed rate dips to 6.30 percent. July 8, 2004: 3:22 PM EDT
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.
Current Mortgage Rates
Type
Overall avgs
30 yr fixed mtg
6.41%
15 yr fixed mtg
5.97%
30 yr fixed jumbo mtg
7.59%
5/1 ARM
5.92%
5/1 jumbo ARM
6.40%
"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.
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.