NEW YORK (CNN/Money) - Mortgage rates eased the week ended Aug. 17, with the average 30-year fixed mortgage pulling back modestly to 6 percent, down from 6.05 percent the week prior.
"When the Fed raises short term rates, it doesn't necessarily mean that mortgage rates will rise." said Mavel Vargas, manager of mortgage lending research at Informa Research Services, Inc. "Mortgage rates have dropped slightly this week."
The benchmark mortgage rate stood at 6.16 percent a month earlier, according to Informa Research Services, and had a range of 5.22 percent to 7 percent for the week ended Aug. 17.
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The average 15-year fixed mortgage rate slipped an average of 5.4 percent, down slightly from 5.48 percent the previous week, with a range of 4.69 percent to 6.99 percent. Rates stood at 5.57 percent a month earlier.
Adjustable rate mortgages (ARMs) dipped to a 4.77 percent average from 4.84 percent the week prior, with a range of 2.99 percent to 7.09 percent. ARM rates stood at 4.81 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 17, 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 |
6.000 |
6.057 |
0.000 |
4.500 |
4.878 |
0.000 |
| Wells Fargo |
5.250 |
5.291 |
0.000 |
5.875 |
5.900 |
0.000 |
5.625 |
4.877 |
0.000 |
| Bank of America |
5.125 |
5.309 |
0.451 |
5.875 |
5.991 |
0.180 |
4.375 |
4.675 |
0.079 |
| Countrywide |
5.500 |
5.579 |
0.000 |
6.000 |
6.060 |
0.125 |
3.125 |
5.006 |
0.000 |
| National City Mortgage |
5.375 |
5.603 |
0.000 |
6.000 |
6.141 |
0.000 |
3.125 |
4.848 |
2.000 |
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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