McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.01 percent, with an average 0.7 point, for the week ending April 29, 2004, up from last week when it averaged 5.94 percent. Last year at this time, the 30-year FRM averaged 5.70 percent.

The average for the 15-year FRM this week is 5.35 percent, with an average 0.6 point, up slightly from last week when it averaged 5.25 percent. A year ago, the 15-year FRM averaged 5.03 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.75 percent this week, with an average 0.6 point, unchanged from last week when it averaged 3.69 percent. At this time last year, the one-year ARM averaged 3.74 percent.

"With financial markets more optimistic that the economy is expanding nicely, mortgage rates had no where to go but up this week," said Amy Crews Cutts, Freddie Mac deputy chief economist. "Then, as a result of Gross Domestic Product (GDP) figures released today, the market began weighing which part of GDP it feels is most dominant, growth or inflation.

"Perhaps next week's Federal Reserve Board meeting and the release of April employment numbers will help the market find a balance between the two influences."