Mortgage Rates Stabilize
McLEAN, Va. - (06/18/04) -- Long-term mortgage rates heldsteady, rising by just a couple of basis points, according toFreddie Mac. The average for the benchmark 30-year, fixed-rate loaninched up to 6.32% this week, form 6.30% last week; while theaverage for the 15-year, fixed-rate mortgage moved to 5.70%, from5.67%. Meantime, the average for the one-year ARM remainedvirtually unchanged at 4.13%, compared to 4.14% last week. FreddieMac expects that rates will remain around where they are for therest of the year. "Given the current economic environment, weanticipate mortgage rates will remain at or near their currentconsumer-friendly levels for at least the remainder of the year,"said Frank Nothaft, chief economist for the secondary mortgagemarket giant.