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Mortgage rates sag
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.

Mortgage Rates
30 yr fixed 3.89%
15 yr fixed 3.21%
5/1 ARM 2.88%
30 yr refi 3.96%
15 yr refi 3.30%

Find personalized rates:
 

Rates provided by Bankrate.com.

"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.

Weekly rates information
graphic
Rates for 12-mo. CDs rise
Credit card rates mixed
Mortgage rates sag

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
  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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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.