Jan 26,2007 00:00
Bend Weekly News Sources
Mortgage rates increased again this week with the average 30-year fixed rate rising to 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the 30- year fixed rate mortgages had an average of 0.34 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing inched to 6.07 percent. On larger loans, the average jumbo 30-year fixed rate increased to 6.56 percent. Adjustable mortgage rates moved higher as well, with the average 5/1 ARM moving up to 6.21 percent and the average one-year ARM increasing to 6.04 percent.
Mortgage rates increased again this week, despite the absence of any blockbuster economic data. Instead, all signs continue to point to the Fed staying on hold with interest rates for an indefinite period. While economic data has been resoundingly strong, continued moderation in inflation affords the Fed the flexibility of being hands-off long enough to sort it all out. With no rate cut imminent, and even the possibility of a rate hike should it be warranted, bond yields and mortgage rates have trended higher in recent weeks. Mortgage rates are closely related to yields on long-term government bonds.
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, click here.
The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Most panelists feel rates aren't going to move much either way, with 60 percent of respondents expecting rates to remain unchanged in coming weeks. Thirty percent predict rates will rise further while just 10 percent forecast a decline in the coming 30 to 45 days.
For the full mortgage Rate Trend Index, click here.
About Bankrate, Inc. -- Bankrate, Inc. owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. It is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2005, Bankrate.com had over 46 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! America Online, The Wall Street Journal and The New York Times. Bankrate.com's information is also distributed through more than 400 national and state publications.