McLEAN, VA -- In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.52 percent, with an average 0.6 point, for the week ending April 1, 2004, up from last week when it averaged 5.40 percent. Last year at this time, the 30-year FRM averaged 5.79 percent.

The average for the 15-year FRM this week is 4.84 percent, with an average 0.6 point, up as from last week when it averaged 4.70 percent. A year ago, the 15-year FRM averaged 5.06 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.46 percent this week, with an average 0.6 point, up from 3.36 percent last week. At this time last year, the one-year ARM averaged 3.82 percent.

"In advance of what is hoped will be a strong jobs report tomorrow, bond yields rose this week and, predictably, so did mortgage rates," said Frank Nothaft, Freddie Mac chief economist. "The economy has been conducive to job gains for several months, but we have yet to see any significant rise in employment.

"But even with rates slightly higher, the housing industry will continue to be an active, solid sector of the economy going into the spring buying season. We don’t foresee any major slowdown in the housing market this year. Quite the contrary, we are confident 2004 will be another banner year for home sales."

Published: April 2, 2004

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