McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.79 percent, with an average 0.6 point, for the week ending April 25, 2003, inching down from 5.82 percent last week. Last year at this time, the 30-year FRM averaged 6.88 percent.

The average for the 15-year FRM this week is 5.12 percent, with an average 0.6 point, unchanged from last week's average. A year ago, the 15-year FRM averaged 6.35 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.79 percent this week, with an average 0.6 point, unchanged from last week. At this time last year, the one-year ARM averaged 4.91 percent.

"A tepid national economy has anchored mortgage rates to current low levels so far this year," said Frank Nothaft, Freddie Mac chief economist. "However, according to the Federal Reserve's beige book, the housing industry is the only bright spot in the economy right now. That is due primarily to low mortgage rates.

"First quarter Gross Domestic Product (GDP) will be released tomorrow and that should give us a more definitive look at shape of the economy."

Published: April 25, 2003

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