Mortgage Rates Hold Steady
McLEAN, Va. - (08/27/04) -- Long-term mortgage rates inched upslightly this week, as the housing boom showed signs of easing,according to Freddie Mac. The average for the benchmark 30-year,fixed-rate loan moved to 5.82%, form 5.81% last week; while theaverage for the 15-year, fixed-rate mortgage moved edged up to5.21%, from 5.19%. The average for he one-year ARM rose to 4.05%,from 4.01%. Frank Nothaft, chief economist for Freddie Mac, notedthat new-home sales fell in July from a record pace in June butsaid housing remains on track for a strong year.