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UPDATE

Briefly

June 27, 2004|From Times wire services

* The average rate on 30-year fixed-rate mortgages fell to 6.25% last week from 6.32% the week before. Last year's average was 5.24%, Freddie Mac said. Rates for 15-year, fixed-rate loans averaged 5.64% compared with 5.7% the previous week and 4.63% a year ago. One-year adjustable rates held at 4.13%.

* Sales of new homes surged 14.8% in May, the biggest monthly gain since April 1993, to a record annual rate of 1.369 million units, the Commerce Department said.

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