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Mortgage rates hit 6-month low
30-year fixed-rate loan falls to 5.69 percent; low rates spur fresh jump in applications.
October 21, 2004: 11:42 AM EDT

Mortgage Rates
30 yr fixed 3.98%
15 yr fixed 3.09%
5/1 ARM 3.20%
30 yr refi 4.06%
15 yr refi 3.17%

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Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - Long-term mortgage rates fell again this week to the lowest level in six months, Freddie Mac reported Thursday.

The rate on 30-year fixed-rate mortgages averaged 5.69 percent in the week ended Thursday, with an average 0.7 of a point payable up front, down from last week when it averaged 5.74 percent.

A year earlier, the rate on the 30-year fixed-rate loan stood at 6.05 percent.

The 15-year mortgage rate eased to 5.07 percent this week from 5.14 percent last week, also with 0.6 of a point up front. Last year, the average rate stood at 5.36 percent.

Rates haven't been this low since April 1, when the when the 30-year fixed-rate stood at 5.52 percent and the 15-year was at 4.84 percent.

"Treasury bond yields eased somewhat this week, causing long-term mortgage rates to drift a little lower from last week," said Frank Nothaft, Freddie Mac chief economist. "Lower mortgage rates, in turn, caused mortgage application activity to increase last week in both the refinance and home-purchase sectors.

"Meanwhile, housing starts took a breather in September, following the robust pace set in August."

One-year adjustable rate mortgages (ARMs) averaged 4.02 percent, up slightly from 4.01 percent the week prior, with 0.7 of a point payable up front.

At this time last year, the average rate for ARMs was 3.79 percent.

Freddie Mac's (up $0.12 to $65.12, Research) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page




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Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.