11-03-2005, 02:24 PM
| | Mortgage Rates Hit New Record
Mortgage rates have gone up for the eighth week in a row.
The benchmark 30-year, fixed-rate mortgage rose 13 basis points to 6.37 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 0.33 discount and origination points. One year ago, the mortgage index was 5.72 percent, and four weeks ago it was 6.07 percent. In early September, before this eight-week streak began, the 30-year averaged 5.8 percent.
The last time 30-year, fixed rates were this high was nearly 18 months ago, on May 12, 2004, when the benchmark rate was also 6.37 percent.
The benchmark 15-year, fixed-rate mortgage rose 12 basis points, to 5.91 percent. The benchmark 5/1 adjustable-rate mortgage rose 8 basis points, to 5.9 percent.
Read more: http://www.bankrate.com/brm/news/mtga/20051103a1.asp