Mortgage Rates Ease AtYear-End
McLEAN, Va. - (01/03/05) Mortgage rates dipped slightlylast week, as economic indicators provided a mixed-bag, accordingto Freddie Mac. The average for the benchmark 30-year, fixed-rateloan slipped to 6.22%, from 6.26% the week before; while theaverage for the 15-year, fixed-rate mortgage declined to 5.76%,from 5.79%. ARM rates also fell, with the one-year ARM ratedropping to 5.15%, from 5.22% the prior week; and the five-year ARMrate slipping to 5.79%, from 5.82%. Lower figures for therecently released producer-price index and consumer-price index,and lower but still strong gross domestic product, combined withthe seasonal slowdown in the housing market led to another declinein mortgage rates this week, said Amy Crews Cutts, deputy chiefeconomist for Freddie Mac.