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30-year mortgage lowest since April '04
Long-term rate falls to 5.53 percent while short-term loan rates edge higher.
June 30, 2005: 2:31 PM EDT
Mortgage Rates
30 yr fixed 3.80%
15 yr fixed 3.20%
5/1 ARM 3.84%
30 yr refi 3.82%
15 yr refi 3.20%

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NEW YORK (CNN/Money) - Low inflation risk allowed the 30-year mortgage rate to fall to its lowest level in more than a year this past week, but short-term rates are expected to rise, the government-chartered mortgage company Freddie Mac said Thursday.

The average rate on 30-year fixed-rate mortgages fell to 5.53 percent for the week ending Thursday, with an average 0.6 point payable up front, down from 5.57 percent last week, according to the mortgage finance firm's survey.

The rate has not been this low since the week ending April 1 last year.

Last year at this time, the rate on the 30-year fixed-rate loan stood at 6.21 percent.

The 15-year mortgage rate averaged 5.12 percent with an average 0.6 point payable up front, down from 5.16 percent the week before. The loan averaged 5.62 percent a year ago.

"With still little or no threat of inflation to be found, long-term mortgage rates this week had some breathing room and that allowed rates to drift a little lower," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Short-term rates, though, may be another matter, since the Federal Reserve is expected to continue raising its target for the federal funds rate at least a few more times this year."

Five-year, adjustable-rate mortgages rose to an average 5.06 percent this week, with an average 0.6 point payable up front, up slightly from last week's average of 5.05 percent.

There is no data available for year-over-year comparisons since Freddie Mac only began tracking these rates this year.

One-year, adjustable-rate mortgages edged higher to an average 4.24 percent this week, with an average 0.7 point payable up front, also up slightly from 4.23 percent the week before.

At this time last year, the one-year adjustable-rate loan averaged 4.19 percent.

Click here to read about what a Fed governor thinks about mortgage risks.

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