Mortgage Rates Decline

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McLEAN, Va. - (08/06/04) -- Home mortgage rates continued tosee-saw this week, with rates falling across the board, accordingto Freddie Mac. The average for the benchmark 30-year-fixed-rateloan slipped below 6% again, to 5.99% this week, from 6.08% lastweek, while the average for the 15-year, fixed-rate mortgageslipped to 5.40%, from 5.49%. The average for the one-year ARM alsofell to 4.08%, from 4.17% last week. "Additional economicindicators this week confirmed that June was a weak month for thenation as a whole," said Frank Nothaft, chief economist forFreddie. "Consequently, the upward pressure on interest rateseased, allowing mortgage rates to return to earlier, lowerlevels."

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