Mortgage Rates Stall, Fed Boosts Funds Rate by Scott Davis
Mortgage rates remained steady on Tuesday as the Federal Reserve raised the Federal Funds rate the expected quarter point. According to Bank Rate Monitor, the 30-year and 15-year fixed rate mortgage averages remained at 7.98% and 7.61% respectively. The one-year adjustable rate stayed at 6.60%, while the 30-year jumbo rate eased to 8.28%. Treasury bonds flourished on the rate hike, as traders apparently were convinced that the Fed's actions will keep inflation in check. The yield on the benchmark 30-year Treasury dipped to 6.97%. Stock prices continued their rally Tuesday with the Dow Jones Industrial Average jumping 227.10 points to 10,907.34 and the Nasdaq composite climbing 101.68 to 4,711.68. Meanwhile, Homestore.com (Nasdaq:HOMS) continued its stunning decline, falling 3-5/16 to close at 36-7/8, a whopping 70% fall from the high of 122-1/4 set just two months ago. Selected Stocks - Closing Prices Tuesday, March 21 | Company | Ticker | Price | Change | HomeStore.com
| HOMS
| 36 7/8
| - 3 5/16
| HomeSeekers.com
| HMSK
| 14 7/8 | - 2 1/8
| Cendant
| CD
| 18
| + 11/16
| Homeservices.com
| HMSV
| 10 3/4
| - 1/4
| Realco, Inc.
| RLCO
| 2 1/2
| + 1/4
| Kennedy-Wilson
| KWIC
| 5 1/4
| - 1/4
| E-Loan
| EELN
| 8 5/8
| - 1/8
| LendingTree
| TREE
| 15 7/8
| - 1/4
| Countrywide
| CCR
| 28 15/16
| + 1 7/16
| Vista Info
| VINF
| 3 15/16
| - 1/4
| Internet Pictures Corp.
| IPIX
| 32 3/4
| - 1 1/4
| Champion Enterprises
| CHB
| 6 11/16
| + 1/8
| Centex Corp.
| CTX
| 22 3/4
| - 9/16
| Pulte Corp.
| PHM
| 19 1/4
| - 1/16
|
|
