30-year rates falter
Average rate for 30-year fixed-rate loan falls to 5.85% on back of weak jobless report.
August 12, 2004: 11:32 AM EDT

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30 yr fixed 4.53%
15 yr fixed 3.90%
5/1 ARM 4.35%
30 yr refi 4.52%
15 yr refi 3.88%

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NEW YORK (CNN/Money) - Longer-term home loan rates retreated this week on the heels of a weak employment report, mortgage finance firm Freddie Mac said Thursday in its latest report.

"Last Friday's unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy," said Amy Crews Cutts, Freddie Mac deputy chief economist.

"The Fed's rate hike on Tuesday was expected and the Fed's cautiously optimistic outlook calmed the market. As a result, 30-year fixed mortgage rates should stay steady near or just below 6 percent for a while, giving prospective homebuyers another chance to get in with a low rate," added Cutts.

The rate on 30-year fixed-rate mortgages averaged 5.85 percent in the week ending August 12, with an average 0.6 point payable up front, down from 5.99 percent the previous week, Freddie Mac said.

A year earlier, the rate on the 30-year fixed-rate loan averaged 6.34 percent.

The 15-year mortgage rate fell to a 5.24 percent average from 5.4 percent, with 0.6 point payable up front. Last year, the average rate stood at 5.66 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.08 percent, unchanged from last week, with 0.6 of a point payable up front. At this time last year, the average rate for ARMs was 3.8 percent.

Freddie Mac's (FRE: down $0.07 to $65.86, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page

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