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		Home Page We're about Mortgage News You Can Use   Mortgage rates at the lowest point in 6 months January 25, 2004 BY JEANNINE AVERSA ASSOCIATED PRESS Mortgage rates around the country dropped for the second straight week, welcome news to people thinking about buying a home or refinancing. The average rate on 30-year mortgages fell to 5.64 percent -- the lowest rate in six months, and down from 5.66 percent last week -- Freddie Mac, the mortgage giant, said last week in its weekly nationwide survey of mortgage rates. Rates on 30-year mortgages have bounced around after sinking to a four-decade low of 5.21 percent in the middle of June. For 15-year mortgages, a popular option for refinancing, rates decreased to 4.95 percent this week, down from 4.97 percent last week. Rates for 1-year adjustable mortgages dipped to 3.56 percent, compared with 3.62 percent last week. "Mortgage rates remain low as the economy picks up steam, allowing families a chance to purchase a new home or refinance if they haven't yet," said Frank Nothaft, Freddie Mac's chief economist. "With low prospects of inflation increasing anytime soon, mortgage rates should remain affordable over the first half of this year." Home-mortgage refinancing activity also has been kept healthy by low mortgage rates. The Mortgage Bankers Association said refinancing accounted for 57.7 percent of all mortgage applications filed last week, up from 51.6 percent the previous week. A year ago, rates on 30-year mortgages averaged 5.91 percent, 15-year mortgages were 5.31 percent and one-year adjustable mortgages stood at 3.93 percent.   Continue with: Falling rates give cause to refinance Reverse mortgages offer costly option $100m pledged for new housing Memo to Federal Reserve: Increase Interest Rates Now! Rate-shopping for home mortgage can hurt credit score Existing Home Sales Surge in December Fed Looks to Stand Pat on Interest Rates Bush withdraws mortgage regulator nominee Home Resales in U.S. Rise to 6.47 Million Rate, Ending Best Year on Record Greenspan is confident lost jobs will be replaced CBO Projects Record Deficit Weak Dollar Helps U.S. Firms, for Now U.S. Budget Office Deepens Fiscal Gloom for Bush U.S. Budget Office Deepens Fiscal Gloom for Bush Part Two Treasuries in No Mood for Risk Before Fed Rates on Short-Term Treasury Bills Rise Clinton Criticizes Bush Administration On Economy Greenspan: Flexible economy will replace jobs US Treasury's Snow: Global growth to top G7 agenda US TREASURY OUTLOOK-Consumer mood is market focus What the Fed is considering at FOMC meeting Hill budget office sees 10-year deficits totaling nearly $2.4 trillion Dollar Trade Choppy Before G7 Meeting Major business and economic events Economic growth could be derailed by soaring energy prices
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