Mortgage rates stable
Rates for 15-year fixed, 30-year fixed, and ARMs slightly lower; 30-year dips to 6%.
July 16, 2004: 2:03 PM EDT

Mortgage Rates
30 yr fixed 4.23%
15 yr fixed 3.21%
5/1 ARM 3.34%
30 yr refi 4.24%
15 yr refi 3.24%

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NEW YORK (CNN/Money) - Mortgage rates were little changed last week as inflationary pressures remained under control and the economy showed signs of growth, mortgage financier Freddie Mac said in its latest report Thursday.

"Taken as a whole, there are few compelling reasons why mortgage rates should dramatically increase right now," said Frank Nothaft, Freddie Mac vice president and chief economist. "In terms of the economy, retail sales, industrial production, and producer prices were all lower than expected in June."

"Additionally, the Federal Reserve Board appears to be on target in quelling any future surges in inflation."

The rate on 30-year fixed-rate mortgages averaged 6 percent in the week ending July 15, with an average 0.6 point payable up front, down modestly from 6.01 percent the previous week, Freddie Mac said.

A year-earlier, the rate on the 30-year fixed-rate loan averaged 5.52 percent.

The 15-year mortgage rate eased to 5.40 percent from 5.42 percent, also with 0.6 point payable up front. Last year, rates stood at 4.85 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.02 percent, down from 4.05 percent the week prior, with 0.6 of a point payable up front. At this time last year, the average rate for ARMs was 3.55 percent.

Freddie Mac's (FRE: up $1.25 to $67.16, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page

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