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.

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"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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