30-year rises to 5.7%, edging away from 6-month low hit last week.
November 4, 2004: 12:19 PM EST
NEW YORK (CNN/Money) - Mortgage rates tipped modestly higher this week, Freddie Mac reported Thursday.
"The slight increase in mortgage rates this week was due in large part to volatility in long-term bond yields," said Frank Nothaft, Freddie Mac chief economist. "The uncertainty in bond yields reflected weakness in the manufacturing industry that was offset by economic reports of strength in the service sector.
The rate on 30-year fixed-rate mortgages averaged 5.7 percent in the week ended Thursday, with an average 0.6 of a point payable up front, down from an average 5.64 percent last week.
A year earlier, the rate on the 30-year fixed-rate loan stood at 5.94 percent.
The 15-year mortgage rate rose to 5.08 percent this week from 5.01 percent last week, also with 0.7 of a point up front. Last year, the average rate stood at 5.26 percent.
One-year adjustable rate mortgages (ARMs) averaged 4 percent, up from 3.96 percent the previous week, with 0.6 of a point payable up front.
At this time last year, the average rate for ARMs was 3.74 percent.
"When taken as a whole, this week's economic data point towards both low mortgage rates and a growing economy, both of which are good news for current homeowners looking to refinance and for families hoping to become homeowners," Nothaft added.
Freddie Mac's (down $0.23 to $65.76, Research ) average mortgage rates are based on a survey of 125 lenders nationwide.
Source: http://money.cnn.com/2004/11/04/real_estate/weekly_rates/index.htm
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