Long-Term Mortgage RatesDecline
McLEAN, Va. - (09/24/04) -- Average rates on long-term mortgagerates fell this week to their lowest level in six months, accordingto Freddie Mac. The average for the 30-year, fixed-rate loan dippedto 5.70% this week, from 5.75% last week; while the average for the15-year, fixed-rate mortgage slipped to 5.10%, from 5.13%. Bothwere their lowest since April. The average for the one-year ARMalso fell slightly to 4%, from 4.03% last week. Frank Nothaft,chief economist for Freddie Mac, said the low rates almostguarantees the continuation of a string housing market through theend of the year.