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.
Selected Stocks - Closing Prices Thursday, June 1
| Company |
Ticker |
Price |
Change |
HomeStore.com
|
HOMS
|
27 3/4
|
+ 4 3/16
|
HomeSeekers.com
|
HMSK
|
2 13/16
|
unch.
|
Cendant
|
CD
|
13 1/8
|
- 1/8
|
Homeservices.com
|
HMSV
|
9 5/16
|
+ 1/16
|
Realco, Inc.
|
RLCO
|
2 1/8
|
unch.
|
Kennedy-Wilson
|
KWIC
|
5 1/4
|
+ 1/16
|
E-Loan
|
EELN
|
4 29/32
|
+ 1/16
|
LendingTree
|
TREE
|
5 15/16
|
+ 1/2
|
Countrywide
|
CCR
|
32 1/8
|
+ 1 3/8
|
Vista Info
|
VINF
|
2 1/2
|
+ 1/4
|
Internet Pictures Corp.
|
IPIX
|
11 3/4
|
+ 1 3/4
|
Champion Enterprises
|
CHB
|
5 1/2
|
- 3/16
|
Centex Corp.
|
CTX
|
21 5/16
|
+ 65/128
|
Pulte Corp.
|
PHM
|
21 3/4
|
- 7/16
|
For more interest rate news, check out the Realty Times Interest Rate Watch
Published: June 2, 2000
Use of this article without permission is a violation of federal copyright laws.
