Mortgage Rates Hit 8% by Scott Davis
Treasury bond prices stopped their descent on Thursday in reaction to inflation figures coming in at expected levels. Stocks rallied as well. According to Bank Rate Monitor's daily survey of lenders, the average 30-year fixed rate mortgage hit the 8.00% mark, a level last touched 5 months ago. The 15-year fixed rate average climbed to 7.62% while the one-year adjustable rate dropped to 6.52%. Wholesale prices rose 0.3% in December and only 0.1% excluding food and energy. Analysts interpreted the numbers as showing that the Fed's tightening actions are working to keep inflation in check, as traders bid bond prices up. The yield on the benchmark 30-year Treasury bond fell to 6.65%. A big rally in tech stocks sent the Nasdaq composite up 107.19 points Thursday to 3,957.21. The Dow Jones Industrial Average rose 31.33 points to a record high 11,582.43. Selected Stocks - Closing Prices Thursday, January 13 | Company | Ticker | Price | Change | HomeStore.com
| HOMS
| 88 1/4
| + 5 1/4
| HomeSeekers.com
| HMSK
| 16 7/8
| + 1/16
| Cendant
| CD
| 23
| unch.
| Homeservices.com
| HMSV
| 12 13/16
| - 5/16
| Realco, Inc.
| RLCO
| 2 1/4
| unch.
| Kennedy-Wilson
| KWIC
| 7 3/4
| unch.
| E-Loan
| EELN
| 15 15/16
| - 1/16
| Countrywide
| CCR
| 28 1/16
| + 2 1/4
| Vista Info
| VINF
| 5 3/32
| - 7/32
| Bamboo.com
| BAMB
| 21 1/8
| - 1/8
| Champion Enterprises
| CHB
| 8 3/16
| + 1/16
| Centex Corp.
| CTX
| 23 5/16
| + 7/8
| Pulte Corp.
| PHM
| 19
| + 7/8
|
| 
