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Mortgage rates hit 10-week low
Rates for 15-year fixed, 30-year fixed hit 10-week low and ARMs ease; 30-year dips to 6.01%.
July 8, 2004: 12:07 PM EDT

Mortgage Rates
30 yr fixed 3.78%
15 yr fixed 2.98%
5/1 ARM 3.06%
30 yr refi 3.85%
15 yr refi 3.05%

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Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - A weak payrolls report helped knock longer-term mortgage rates to a 10-week low, mortgage financier Freddie Mac said in its latest report Thursday.

"Long-term mortgage rates this week fell to levels equal to those experienced in April, reacting in large part to last Friday's news of less than stellar job growth in June," said Frank Nothaft, Freddie Mac vice president and chief economist. "This is good news for those who are still house hunting, as lower rates mean more affordable housing."

"Meanwhile, home construction remains strong and home sales continue to break records easily. In fact, total home sales should end the year two percent higher than 2003's all time record level."

The rate on 30-year fixed-rate mortgages averaged 6.01 percent in the week ending July 8, with an average 0.6 point payable up front, down from 6.21 percent the previous week, Freddie Mac said.

A year-earlier, the rate on the 30-year fixed-rate loan averaged 5.40 percent.

The 15-year mortgage rate eased to 5.42 percent from 5.62 percent, also with 0.6 point payable up front. Last year, rates stood at 4.75 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.05 percent, down from 4.19 percent the week prior, with 0.6 of a point payable up front. At this time last year, the average rate for ARMs was 3.49 percent.

Freddie Mac's (FRE: up $0.24 to $64.87, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page




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