Friday, May 12, 2006

Mortgage rates on hold

Bankrate.com reports that as of their May 10 survey, "For the first time since March 22, the benchmark 30-year fixed-rate mortgage did not rise. Instead, it held steady at 6.67 percent...One year ago the mortgage index was 5.84 percent; four weeks ago, it was 6.56 percent."

Does this mean mortgage rates will not be affected by the recent action of the Federal Reserve? Bankrate.com states "The Fed's decision Wednesday afternoon doubtless will affect mortgage rates, but is not reflected in this week's Bankrate.com national survey. The poll of large lenders is conducted every Wednesday, starting in the morning and continuing until early afternoon. Most of this week's data were collected before the Fed announced its decision at 2:20 p.m. Eastern."

To read more: Bankrate.com

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