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Mortgage rates tick back up
But Freddie Mac predicts only a slight increase in rates over the year; 30-year fixed-rate at 5.83%.
September 16, 2004: 12:16 PM EDT

NEW YORK (CNN/Money) - Mortgage rates rose in the latest week, according to a report released Thursday that was regarded as a sign of a strengthening economy.

Mortgage Rates
30 yr fixed 4.07%
15 yr fixed 3.18%
5/1 ARM 3.36%
30 yr refi 4.05%
15 yr refi 3.17%

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Rates provided by Bankrate.com.

"August's 144,000-job gain, combined with a 41,000 upward revision for July, signaled a strengthening economy and helped push mortgage rates up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist.

The rate on 30-year fixed-rate mortgages averaged 5.83 percent in the week ended Sept. 9, with an average 0.8 point payable up front, up from 5.77 percent the previous week, Freddie Mac said.

A year earlier, the rate on the 30-year fixed-rate loan averaged 6.44 percent.

"Freddie Mac's own economic forecast calls for a mild and gradual increase in 30-year fixed-rate mortgage rates to about 6 percent by the end of the year. Low mortgage rates will sustain a brisk housing market, leading to record home sales and single-family construction this year," Nothaft added.

The 15-year mortgage rate rose to a 5.22 percent average from 5.15 percent, with 0.8 point payable up front. Last year, the average rate stood at 5.77 percent.

One-year adjustable rate mortgages (ARMs) averaged 4 percent, up from 3.97 percent last week, with 0.7 of a point payable up front. At this time last year, the average rate for ARMs was 3.98 percent.

Freddie Mac's (FRE: up $0.24 to $67.78, Research, Estimates) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page




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Market indexes 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. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.