Stock market volatility, a steady decline in bond prices, and the apparent reappearance of inflation have conspired to push mortgage rates sharply higher in the past few days after staying nearly flat for most of April.
According to Bank Rate Monitor, the average 30-year fixed rate mortgage climbed to 7.98% on Tuesday. The 15-year fixed and one-year adjustable rates rose to 7.65% and 6.65% respectively, as the 30-year jumbo rate bounced up to 8.33%.
Treasury bonds continue to suffer as the near-certain Fed rate increase looms closer. The yield on the benchmark 10-year note edged up to 6.30%, while the 30-year bond hit 6.02%, its first close over 6 percent since March 24.
Stocks closed lower on Tuesday with technology stocks leading the way downward. The Nasdaq composite lost 172.63 points to 3,785.45. Blue chips fared a little better as the Dow Jones Industrial Average dropped only 80.66 points to 10,731.12.
Selected Stocks - Closing Prices Tuesday, May 2
| Company |
Ticker |
Price |
Change |
HomeStore.com
|
HOMS
|
24 15/16
|
+ 2 1/16
|
HomeSeekers.com
|
HMSK
|
7 1/16
|
- 9/16
|
Cendant
|
CD
|
15
|
- 7/16
|
Homeservices.com
|
HMSV
|
9 3/4
|
- 1/4
|
Realco, Inc.
|
RLCO
|
2 3/8
|
unch.
|
Kennedy-Wilson
|
KWIC
|
5
|
+ 5/16
|
E-Loan
|
EELN
|
6 5/8
|
- 3/8
|
LendingTree
|
TREE
|
7 1/2
|
- 5/8
|
Countrywide
|
CCR
|
26 9/16
|
- 1/8
|
Vista Info
|
VINF
|
3
|
- 1/8
|
Internet Pictures Corp.
|
IPIX
|
15
|
- 1 15/16
|
Champion Enterprises
|
CHB
|
6 1/8
|
- 3/16
|
Centex Corp.
|
CTX
|
24 11/16
|
- 1/16
|
Pulte Corp.
|
PHM
|
21 15/16
|
+ 1/4
|
For more interest rate news, check out the Realty Times Interest Rate Watch
Published: May 3, 2000
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