McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.21 percent, with an averaged 0.6 point, for the week ending June 20, 2003, unchanged from 5.21 percentblast week. Last year at this time, the 30-year FRM averaged 6.63 percent. This figure meets last week's record low.

The average for the 15-year FRM this week is 4.62 percent, with an average 0.6 point, up a little from last week's average of 4.60 percent. A year ago, the 15-year FRM averaged 6.08 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.51 percent this week, with an average 0.6 point, down a little from last week's average of 3.54 percent. At this time last year, the one-year ARM averaged 4.60 percent. This figure is another record low.

"The Consumer Price Index released this week showed no decline, suggesting that the possibility of deflation is still low," said Frank Nothaft, Freddie Mac chief economist. "Housing starts were stronger than expected, as were the leading indicators released today. All of these reports together could indicate the economy is ready to pick up growth.

"The down side of a growing economy, however, is that mortgage rates typically will begin to rise, although our forecast doesn't call for any rapid increases in the near future."

Published: June 20, 2003

Use of this article without permission is a violation of federal copyright laws.