Statistics confirming a tightening labor market and higher inflation convinced analysts that the Fed will raise interest rates by half a point next week. Mortgage lenders are not waiting for the announcement. The average 30-year fixed mortgage rate has shot up a quarter point (0.25%) in just the last week.
According to Bank Rate Monitor, the 30-year fixed rate stands at 8.19% as of Monday evening. The 15-year fixed and one-year adjustable rates jumped to 7.86% and 6.83% respectively, while the 30-year jumbo climbed to 8.50%.
Negative sentiment pushed Treasury bond yields to near 3-month highs on Monday. The yield on the benchmark 10-year note rose to 6.57% while the 30-year bond yield increased to 6.25%.
Stocks were mixed, with the Dow Jones Industrial Average managing a gain of 25.77 points while the Nasdaq dropped 147.44 points.
Selected Stocks - Closing Prices Monday, May 8
| Company |
Ticker |
Price |
Change |
HomeStore.com
|
HOMS
|
26 3/8
|
+ 5/8
|
HomeSeekers.com
|
HMSK
|
6 1/4
|
- 1/4
|
Cendant
|
CD
|
14 5/8
|
unch.
|
Homeservices.com
|
HMSV
|
9 3/8
|
- 3/8
|
Realco, Inc.
|
RLCO
|
2 3/8
|
unch.
|
Kennedy-Wilson
|
KWIC
|
4 15/16
|
+ 1/16
|
E-Loan
|
EELN
|
5 31/32
|
+ 9/16
|
LendingTree
|
TREE
|
6 7/8
|
unch.
|
Countrywide
|
CCR
|
25 13/16
|
+ 1/4
|
Vista Info
|
VINF
|
3 1/8
|
- 1/4
|
Internet Pictures Corp.
|
IPIX
|
14 7/16
|
- 1/4
|
Champion Enterprises
|
CHB
|
6 3/16
|
- 1/4
|
Centex Corp.
|
CTX
|
23 1/4
|
- 11/16
|
Pulte Corp.
|
PHM
|
21 3/8
|
- 5/8
|
For more interest rate news, check out the Realty Times Interest Rate Watch
Published: May 9, 2000
Use of this article without permission is a violation of federal copyright laws.
