Sunday, November 13, 2005

Bankrate 'Mortgage rates hit 26-month high'

Mortgage rates rose for the ninth week in a row after bond investors were scared over evidence that wage earners are making more money.

The benchmark 30-year, fixed-rate mortgage rose 5 basis points to 6.42 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 had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 5.76 percent. Four weeks ago it was 6.1 percent.

The benchmark 15-year, fixed-rate mortgage rose 5 basis points, to 5.96 percent. The benchmark 5/1 adjustable-rate mortgage rose 4 basis points, to 5.94 percent.

The 30-year fixed rate hasn't been this high since Sept. 23, 2003, when it was 6.47 percent.

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