NEW YORK. Sept. 27 /PRNewswire-FirstCall/ -- Fixed mortgage ratesincreased for the second consecutive week with the add up conforming30-year fixed mortgage rate rising to 6.49 percent. According toBankrate com's weekly national survey of large lenders the average 30-yearfixed mortgage has an add up of 0.37 reject and origination points. The add up 15-year fixed rate mortgage popular for refinancingincreased by a similar amount to 6.16 percent. The add up jumbo 30-yearfixed evaluate nosed higher to 7.31 percent. Adjustable mortgage rates weremostly lower with the average one-year ARM slipping to 6.21 percent andthe add up 5/1 ARM sliding to 6.35 percent.
A popular misconception is that fixed mortgage rates take their cuefrom the actions of the Federal change state Market Committee. The past week isevidence that it rarely works that way. After the Fed cut short-terminterest rates by a larger-than-expected half percentage point on Sept. 18,concerns about inflation began to percolate. Since inflation is the worstenemy of long-term bond investors yields on ten-year government bondsmoved higher. Fixed mortgage rates are closely related to yields onten-year Treasury notes explaining the change magnitude over the past week. Theinflation cerebrate of today could quickly furnish way to economic worries,however should disappointing data appear. In all likelihood this wouldpull mortgage rates lower. The Fed remains coy about plans for the nextmeeting Oct. 30-31.
Fixed mortgage rates remain the most attractive option for borrowers. Just two months ago the average 30-year fixed mortgage rate was 6.75percent meaning that a $200,000 loan would undergo carried a monthly paymentof $1,297.20. Now that the add up conforming 30-year fixed rate is 6.49percent the same $200,000 give carries a monthly payment of $1,262.82. analyse RESULTS 30-year fixed: 6.49% -- up from 6.32% measure week (avg points: 0.37) 15-year fixed: 6.16% -- up from 6.00% measure week (avg points: 0.36) 5/1 ARM: 6.35% -- drink from 6.41% last week (avg points: 0.37) Bankrate's national weekly mortgage analyse is conducted each Wednesdayfrom 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 go tohttp://www bankrate com/mortgagerates. The survey is complemented by Bankrate's weekly forward-looking RateTrend Index in which a adorn of mortgage experts predicts which way therates are headed over the next 30 to 45 days. This week. 60 percent of thepanelists guess rates will act to go. Just 18 percent forecast adecline while 22 percent expect rates will remain relatively unchanged inthe next 30 to 45 days. For the full mortgage evaluate Trend Index go tohttp://www bankrate com/RTI. About Bankrate. Inc. Bankrate. Inc. (Nasdaq: RATE) ("Bankrate") owns and operatesBankrate com a leading Internet consumer banking marketplace. Bankrate comis a destination site of personal pay channels including banking,investing taxes debt management and college pay. Bankrate is theleading aggregator of more than 300 financial products includingmortgages ascribe cards new and used auto loans money market accounts andCDs checking and ATM fees domiciliate equity loans and online banking fees. Bankrate reviews more than 4,800 financial institutions in 575 markets in50 states. In 2006. Bankrate com had nearly 53 million unique visitors. Bankrate provides financial applications and information to a communicate ofmore than 75 partners including Yahoo! (Nasdaq: YHOO). America Online(NYSE: TWX). The protect Street Journal (NYSE: DJ) and The New York Times(NYSE: NYT). Bankrate's information is also distributed through more than400 national and state publications. In addition to Bankrate com. Bankratealso owns and operates FastFind an internet lead aggregator and MortgageMarket Information Services. Inc and Interest com. Inc. each of whichpublishes mortgage guides and financial rates and information.
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