Mortgage Rates Halt Rise

Register now

McLEAN, Va. - (04/08/05) -- Home mortgage rates declined thisweek, after rising for the past seven weeks in a row, according toFreddie Mac. The average for the benchmark 30-year, fixed-rate loandipped back below the 6% mark to 5.93% this week, from 6.04% lastweek; while the average for the 15-year, fixed-rate mortgage fellto 5.48%, from 5.58% last week. ARM rates also moved lower thisweek, with the average for the five-year ARM declining to 5.33%,from 5.43%; and the average for the one-year ARM slipping a singlebasis point to 4.23%. "Mortgage rates slipped this week on newsthat job creation in March came out much lower than had beenexpected," said Frank Nothaft, chief economist for Freddie Mac."This would indicate there is less money being spent and therefore,less inflationary pressure on the economy."

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER