NEW YORK (CNN/Money) - Mortgage rates fell the week ended Aug. 10, with the average 30-year fixed mortgage pulling back to 6.05 percent, down from 6.2 percent the week prior.
The benchmark mortgage rate stood at 6.18 percent a month earlier, according to Informa Research Services, and had a range of 4.58 percent to 6.88 percent for the week ended Aug. 10.
The average 15-year fixed mortgage rate slipped an average of 5.48 percent, up from 5.62 percent the previous week, with a range of 4.69 percent to 6.99 percent. Rates stood at 5.59 percent a month earlier.
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Adjustable rate mortgages (ARMs) dipped to a 4.84 percent average from 4.86 percent the week prior, with a range of 2.99 percent to 7.09 percent. ARM rates stood at 4.75 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 August 10, 2004
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15 Yr Conforming |
30 Yr Conforming |
1 Yr Adjustable |
| Institution |
Rate |
APR |
Pts |
Rate |
APR |
Pts |
Rate |
APR |
Pts |
| Washington Mutual |
5.250 |
5.588 |
0.000 |
5.875 |
5.943 |
0.000 |
4.500 |
4.890 |
0.000 |
| Wells Fargo |
5.250 |
5.588 |
0.000 |
5.875 |
5.943 |
0.000 |
5.375 |
4.877 |
0.000 |
| Bank of America |
5.250 |
5.675 |
0.253 |
6.000 |
6.077 |
0.021 |
5.125 |
4.686 |
0.027 |
| Countrywide |
5.500 |
5.579 |
0.125 |
6.000 |
6.060 |
0.250 |
3.375 |
4.783 |
0.000 |
| National City Mortgage |
5.750 |
5.924 |
0.000 |
6.375 |
6.497 |
0.000 |
4.375 |
4.898 |
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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