Low rates meant record home sales

U.S. 30-year mortgage rates averaged 5.84% in 2004, holding near the previous year’s record low and helping drive home sales to all-time highs, Freddie Mac said.

The average rate for a 30-year fixed mortgage was almost unchanged from 2003’s 5.83%, the lowest since Freddie Mac began keeping track in 1972.

Last week, the average 30-year fixed-rate mortgage edged up to 5.81% from 5.75% the week before. The 15-year fixed rate rose to an average 5.23% from 5.18%. The one-year adjustable rate rose to 4.19% from 4.17%, Freddie Mac said Wednesday.