Industry News

Mortgage rates drop to six-month lows

'Lackluster' labor report depresses financial markets, keeps Fed wary
Published on Jan 15, 2004

Mortgage rates plunged this week in response to virtually nonexistent job growth reported for December, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.66 percent, with an average 0.6 point, for the week ended today, down from 5.87 percent last week. This is the lowest the 30-year fixed has been since the week ending July 11, 2003, when it averaged 5.52 percent. The average for the 15-year fixed-rate mortgage this week is 4.97 percent, with an average 0.7 point, down from last week's average of 5.17 percent. This is the lowest the 15-year fixed has been since the week ending July 11, 2003, when it averaged 4.85 percent. One-year Treasury-indexed adjustable-rate mortgages averaged 3.62 percent this week, with an average 0.7 point, down from 3.76 percent last week. This is the lowest the 1-year ARM has been since the week ending July 18, 2003, when it averaged 3.58 percent. "Expect...

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