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It's not a roller coaster; more like a teacup ride at Disney. Another week with little in the way of heavy-duty economic news has nudged mortgage rates just a tad lower, reversing the upward trendlet of the past couple weeks. The benchmark 30-year fixed-rate mortgage dropped 3 basis points to 6.04 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey have an average total of 0.35 discount and origination points. One year ago, the mortgage index was at 6.40. The 15-year fixed-rate mortgage fell 4 basis points to 5.34 percent. The one-year adjustable-rate mortgage tumbled 5 basis points to 4.01 percent. Next week may be a bit meatier as the Federal Reserve Open Market Committee gathers to decide what direction short-term interest rates should take. Continued below Just about everyone is expecting the Fed to leave the Fed funds rate at 1 percent. The key, as is so often the case, is what the panel says in its statement.
Approximate Word count = 695
Approximate Pages = 2.8
(250 words per page double spaced)
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