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Assetz® Property News Service
Fixed mortgage rates barely budge in latest survey
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Freddie Mac,a US firm which purchases mortgages from lenders and packages them into securities that are sold to investors, has released the results of its Primary Mortgage Market survey.
The survey found that the fixed mortgage rates barely budged, averaging 5.82 percent, with an average 0.7 points, for the week ending August 26th, 2004.
This was up slightly from last week when it averaged 5.81 percent. Last year at this time, the 30-year the rates averaged 6.28 percent.
"Mortgage rates were mostly unchanged this week, amid conflicting economic reports as to the strength of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
"July home sales fell from their record rate, but remain strong by historical standards.
"Our housing outlook remains positive, and forecasts only a gradual rise in mortgage rates in the next few months, indicating another strong year for the housing sector."
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing.
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