Mortgage Rates Down Slightly on Week
The benchmark 30-year fixed-rate mortgage fell 3 basis points to 6.13 percent, and the mortgage market was much calmer than the previous 3 month period of wild rides up and down. The benchmark 15-year fixed-rate mortgage remained at 5.71 percent. The benchmark 5/1 adjustable-rate mortgage dropped 9 basis points to 5.87 percent.
The stock market lost ground for the first time in four weeks as the S&P 500 declined by 1.8%. Oil dominated the headlines throughout the week with crude futures closing at new record highs each day. The final settlement of $126.13 per barrel marked an 8.4% gain for the week. The spike in oil prices took its toll on sentiment and knocked the wind out of the market's sails.
By the same token, the financial sector also had a heavy hand in the action, falling 6.3% for the week following a batch of ugly earnings reports from the likes of Fannie Mae (FNM), UBS (UBS) and Dow component American International Group (AIG).
For us mortgage rate watchers, the 10 Year Treasury Yield decline on the week by .078%, which reflects the slight drop in mortgage rates.
This week hosts a slew of earnings reports and some key inflationary reports, including the CPI numbers on Wednesday.
Mortgage rates are still at nice levels across the board, so another stable week will be welcome.
May the Rates be with You!
Refinance Tool Box
The stock market lost ground for the first time in four weeks as the S&P 500 declined by 1.8%. Oil dominated the headlines throughout the week with crude futures closing at new record highs each day. The final settlement of $126.13 per barrel marked an 8.4% gain for the week. The spike in oil prices took its toll on sentiment and knocked the wind out of the market's sails.
By the same token, the financial sector also had a heavy hand in the action, falling 6.3% for the week following a batch of ugly earnings reports from the likes of Fannie Mae (FNM), UBS (UBS) and Dow component American International Group (AIG).
For us mortgage rate watchers, the 10 Year Treasury Yield decline on the week by .078%, which reflects the slight drop in mortgage rates.
This week hosts a slew of earnings reports and some key inflationary reports, including the CPI numbers on Wednesday.
Mortgage rates are still at nice levels across the board, so another stable week will be welcome.
May the Rates be with You!
Refinance Tool Box
posted by Jim Bisnett at
3:14 PM
0 Comments:
Post a Comment
<< Home