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Falling over the Fed
Last Update: 11:26 AM ET May 5, 2005 CHICAGO (MarketWatch) -- U.S. fixed mortgage rates fell for a fifth week even as the Federal Reserve raised short-term interest rates, with the benchmark 30-year loan edging down to a national average 5.75% from 5.78% a week earlier, Freddie Mac said Thursday. The mortgage agency (FRE: news, chart, profile) said its weekly survey also showed the 15-year mortgage and the five-year hybrid adjustable-rate loan also inched lower. The 15-year averaged 5.31%, down from 5.33% a week earlier, and the hybrid ARM averaged 5.16%, down from 5.2%....
What are people saying about mortgages today: Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March. Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week. Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment. |