Mortgage Rates Decline by Scott Davis
Thirty-year fixed rate mortgages slipped back below 8% again on Friday as bond yields continued to fall. According to the Bank Rate Monitor daily survey of lenders, the average 30-year fixed rate mortgage dropped to 7.99%. The 15-year fixed rate fell to 7.62% while the one-year adjustable rate remained at 6.60%. Jumbo 30-year fixed rate mortgages eased to 8.30%. After briefly falling below the 6% level on Friday, the yield on the benchmark 30-year Treasury bond closed at 6.01%, its lowest level in four months. The February CPI came in at 0.5% with a core rate of 0.2%, in line with expectations, helping bond prices. Analysts believe that the relatively benign inflation numbers will allow the Fed to continue a policy of gradual interest rate increases to keep the economy from overheating. The Fed is widely expected to raise rates a quarter point at their meeting on Tuesday. After losing 35.37 points on Friday, the Dow Jones Industrial Average closed at 10,595.23, up a whopping 648 points for the week. The Nasdaq composite gained 80.74 points Friday to 4,798.13. Selected Stocks - Closing Prices Friday, March 17 | Company | Ticker | Price | Change | HomeStore.com
| HOMS
| 47 5/16
| - 1 9/16
| HomeSeekers.com
| HMSK
| 19 3/16 | + 3/16
| Cendant
| CD
| 16 15/16
| - 5/16
| Homeservices.com
| HMSV
| 11 1/8
| - 9/16
| Realco, Inc.
| RLCO
| 2 7/16
| + 3/16
| Kennedy-Wilson
| KWIC
| 5 1/2
| + 1/8
| E-Loan
| EELN
| 9 1/2
| - 7/16
| LendingTree
| TREE
| 15 7/8
| - 1/8
| Countrywide
| CCR
| 29 3/16
| + 5/16
| Vista Info
| VINF
| 4
| + 1/16
| Internet Pictures Corp.
| IPIX
| 36 1/8
| - 3
| Champion Enterprises
| CHB
| 6 5/16
| - 1/16
| Centex Corp.
| CTX
| 23 1/16
| unch.
| Pulte Corp.
| PHM
| 18 13/16
| - 7/16
|
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