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Saturday, September 04, 2004

news~ MORTGAGE RATES EASE 

Fixed mortgage rates ease back for the eighth week.

Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.81 percent, with an average 0.7 points, for the week ending August 19, 2004, slipping from the previous week when it averaged 5.85 percent. Last year at this time, the 30-year FRM averaged 6.24 percent.

The average for the 15-year FRM for the week ending August 19 is 5.19 percent, with an average 0.6 points, down from the previous week when it averaged 5.24 percent. A year ago, the 15-year FRM averaged 5.58 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.01 percent for the week ending August 19, with an average 0.6 point, down from the previous week when it averaged 4.08 percent. At this time last year, the one-year ARM averaged 3.75 percent.


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