REALTOR® Magazine-Daily News-Mortgage Rates Rise, 30-Year Still Below 6 Percent

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Daily Real Estate News | September 10, 2004 | Mortgage Rates Rise, 30-Year Still Below 6 Percent Nationwide mortgage rates drifted higher this week, Freddie Mac reported, with interest on 30-year loans floating up to 5.83 percent from 5.77 percent last week. While the long-term rate has kept below 6 percent for six consecutive weeks, Freddie Mac chief economist Frank Nothaft noted that a possible rise to that threshold by the end of 2004 still would reflect historically low borrowing costs. Freddie Mac's weekly report also documented climbing interest on 15-year loans and one-year adjustable-rate mortgages, which bumped up from 5.15 percent to 5.22 percent and from 3.97 percent to 4 percent, respectively. Interest rates remain below those of a year ago, when the 30-year rate was 6.44 percent, the 15-year rate stood at 5.77 percent, and lenders asked 3.98 percent interest on ARMs.

Source: Billings Gazette (MT) (09/10/04)