10/18/2005 Weekly Mortgage Roundup
Here's the latest update from Shawn Repulles of Equitas Capital.
I added a couple links to the summary.
- Mortgage rates climbed for the fifth consecutive week and remain the highest since March 30.
- The average 30-year fixed-rate mortgage increased from 6.07 percent to 6.1 percent, and the average 15-year fixed mortgage rate nosed higher as well, rising from 5.67 percent to 5.69 percent.
- The average jumbo 30-year fixed rate rose to 6.25 percent from 6.22 percent last week.
- Adjustable-rate mortgages also moved higher, with the average 5/1 adjustable-rate mortgage climbing from 5.69 percent to 5.74 percent, while the average one-year ARM floated up to 5.07 percent from 5.04 percent.
- Concerns about higher inflation have led fixed mortgage rates higher in recent weeks.
- Repeated comments by Federal Reserve Board members about inflation and the need for continued interest-rate hikes have pushed long-term government bond yields higher.
- Even the minutes from the Federal Open Market Committee's Sept. 20 meeting left little doubt that short-term interest rates are headed higher, giving both bond investors and mortgage shoppers an uneasy feeling.