Long-Term Mortgage Rates Inch Higher

According to Freddie Mac's Primary Mortgage Market Survey, long-term mortgage rates continue to slowly increase in line with the current economic growth.Specifically, the 30-year fixed-rate mortgage averaged 5.94%, with an average 0.7 point, for the week ending April 22, 2004, up from last week when it averaged 5.89%. Last year at this time, the 30-year FRM averaged 5.79%. The average for the 15-year FRM this week is 5.25%, with an average 0.7 point, up slightly from last week when it averaged 5.23%. A year ago, the 15-year FRM averaged 5.12%. One-year Treasury-indexed adjustable-rate mortgages averaged 3.69% this week, with an average 0.7 point, unchanged from last week. At this time last year, the one-year ARM averaged 3.79%. "Although this past month's dramatic rise mortgage rates is consistent with an economic recovery, it will take more than one month of strong employment gains to verify if this recovery is sustainable," said Freddie's chief economist Frank Nothaft.