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30-year mortgage rate dips below 6%
Interest rates on home loans ease as economy wades past June's soft economic figures.
August 5, 2004: 11:13 AM EDT

Mortgage Rates
30 yr fixed 3.98%
15 yr fixed 3.04%
5/1 ARM 3.30%
30 yr refi 4.05%
15 yr refi 3.11%

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Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - Mortgage rates dropped this week as economic reports continued to indicate that the U.S. economic rebound hit a soft patch in June, mortgage finance firm Freddie Mac said Thursday in its latest report.

The rate on 30-year fixed-rate mortgages averaged 5.99 percent in the week ending August 5, with an average 0.7 point payable up front, down from 6.08 percent the previous week, Freddie Mac said.

A year earlier, the rate on the 30-year fixed-rate loan averaged 6.14 percent.

The 15-year mortgage rate fell to 5.40 percent from 5.49 percent, with 0.6 point payable up front. Last year, rates stood at 5.44 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.08 percent, down from 4.17 percent the prior week, with 0.6 of a point payable up front. At this time last year, the average rate for ARMs was 3.68 percent.

"Additional economic indicators this week confirmed that June was a weak month for the nation as a whole," said Frank Nothaft, Freddie Mac's chief economist. "Consequently, the upward pressure on interest rates eased, allowing mortgage rates to return to earlier, lower levels."

Some of the weaker-than-expected figures from June include reports on consumer spending, retail sales and manufacturing. However, most economists see the month as an anomaly in what has been an otherwise broad U.S. economic recovery.

Freddie Mac's (FRE: up $0.29 to $64.91, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.