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| June 2, 2000 |
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After reversing a month of increases, the downward trend in interest rates seems to be picking up steam. According to Bank Rate Monitor's daily survey of lending institutions, the 30-year and 15-year fixed rate mortgage averages dropped to 8.22% and 7.95% respectively on Thursday. The one-year ARM ticked up to 7.15% while the 30-year jumbo rate fell to 8.54%. Treasury bond prices continued rallying as the National Association of Purchasing Managers Index came in below expectations, perhaps signalling a slowing economy and reducing the risk of another Fed tightening. The yield on the benchmark 10-year Treasury note fell to 6.20%, its lowest level in over a month, while the 30-year bond yield sagged to 5.95%. Stock prices surged on Thursday, with the Dow Jones Industrial Average gaining 129.87 points to 10,652.20. The Nasdaq jumped 181.59 points to close at 3,582.50.
For more interest rate news, check out the Realty Times Interest Rate Watch |
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