Industry News

Fixed mortgage rates nudge higher

Weak economy to keep lid on rapid rate increases
Published on Aug 26, 2004

Mortgage rates inched higher this week, according to the latest survey conducted by mortgage buyer Freddie Mac. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.82 percent, with an average 0.7 points, up slightly from last week when it averaged 5.81 percent. The average for the 15-year fixed-rate mortgage this week is 5.21 percent, with an average 0.6 points, also up from last week when it averaged 5.19 percent. One-year Treasury-indexed adjustable-rate mortgages averaged 4.05 percent this week, with an average 0.6 point, up a bit more from last week when it averaged 4.01 percent. "Mortgage rates were mostly unchanged this week, amid conflicting economic reports as to the strength of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "July home sales fell from their record rate, but remain strong by historical standards. "Our housing outlook remains positive, and forecasts only a gradual rise in mortgage rates in the next...

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