Mortgage news

News, trends and analysis of the mortgage and credit market

Friday, March 23, 2007

Interest Rate Roundup

Best mortgage companies
Interest rate roundup

Mortgage rates rose just a tad, if they moved at all. It was the first increase in the Bankrate survey in five weeks. It doesn't count as much as a rebound -- the 30-year fixed is back where it was two weeks ago. The average 30-year fixed rate rose 3 basis points, to 6.19 percent. A basis point is one-hundredth of a percentage point. The average 15-year fixed, which is a popular option for refinancing, was unchanged at 5.93 percent. On bigger loans, the average jumbo 30-year fixed rose 3 basis points, to 6.44 percent. Adjustable-rate mortgages were mixed. The popular 5/1 ARM went up 4 basis points, to 6.08 percent, while the one-year ARM remained unchanged at 5.96 percent. Rates were affected by mildly encouraging news from the real estate front, as housing starts rebounded a bit after a steep plunge in January.

Home equity products

Rates: 8.13 percent (line of credit); 7.92 percent (loan)
Home equity products were barely changed. The average home equity line of credit remained 8.13 percent, and the average fixed-rate home equity loans fell 1 basis point, to 7.92 percent.


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