Rates Continue Down by Scott Davis
After reversing a month of increases, the downward trend in interest rates seems to be picking up steam. According to Bank Rate Monitor's daily survey of lending institutions, the 30-year and 15-year fixed rate mortgage averages dropped to 8.22% and 7.95% respectively on Thursday. The one-year ARM ticked up to 7.15% while the 30-year jumbo rate fell to 8.54%. Treasury bond prices continued rallying as the National Association of Purchasing Managers Index came in below expectations, perhaps signalling a slowing economy and reducing the risk of another Fed tightening. The yield on the benchmark 10-year Treasury note fell to 6.20%, its lowest level in over a month, while the 30-year bond yield sagged to 5.95%. Stock prices surged on Thursday, with the Dow Jones Industrial Average gaining 129.87 points to 10,652.20. The Nasdaq jumped 181.59 points to close at 3,582.50. Selected Stocks - Closing Prices Thursday, June 1 | Company | Ticker | Price | Change | HomeStore.com
| HOMS
| 27 3/4
| + 4 3/16
| HomeSeekers.com
| HMSK
| 2 13/16 | unch.
| Cendant
| CD
| 13 1/8
| - 1/8
| Homeservices.com
| HMSV
| 9 5/16
| + 1/16
| Realco, Inc.
| RLCO
| 2 1/8
| unch.
| Kennedy-Wilson
| KWIC
| 5 1/4
| + 1/16
| E-Loan
| EELN
| 4 29/32
| + 1/16
| LendingTree
| TREE
| 5 15/16
| + 1/2
| Countrywide
| CCR
| 32 1/8
| + 1 3/8
| Vista Info
| VINF
| 2 1/2
| + 1/4
| Internet Pictures Corp.
| IPIX
| 11 3/4
| + 1 3/4
| Champion Enterprises
| CHB
| 5 1/2
| - 3/16
| Centex Corp.
| CTX
| 21 5/16
| + 65/128
| Pulte Corp.
| PHM
| 21 3/4
| - 7/16
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