The Federal Reserve began to slash short-term interest rates almost a year ago. Yet we have higher mortgage rates now than we had then. What gives?
No single answer explains why some rates have fallen while fixed mortgage rates have climbed from an average of 6.43 percent a year ago to 6.6 percent this week. Among […]

n the world of mortgages, the big news this week was the decline and fall of IndyMac Bank’s home loan operation. The Southern California bank originated almost $77 billion in home loans last year and was a top 10 lender, according to National Mortgage News. With the demise of stated-income loans this year, IndyMac couldn’t […]

Rate: 6.32 percent (30-year fixed) Average Points: 0.39
Mortgage rates were modestly lower this week, bucking a recent trend of rate increases.
The average 30-year fixed rate fell 9 basis points from the previous week, to 6.32 percent. A basis point is one-hundredth of a percentage point.
Meanwhile, the average 15-year fixed — a popular option for refinancing […]

Mortgage rates skyrocketed for the third time in the past four weeks and are now at their highest levels since last fall.
The average 30-year fixed rate shot up by 41 basis points from the previous week, to 6.37 percent. A basis point is one-hundredth of a percentage point. This week’s 30-year fixed is at its […]

On days like this, I think it’s important to go back to the ol’ mortgage primer and figure out exactly what all this news means to you, to your mortgage, to your home equity line and to your home’s financial future. I’ve said it before, and I’ll say it again: the 30-year fixed is not […]

Congressional aides said today that the Bush administration had hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures.
These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium […]

Rate: 6.29 percent (30-year fixed) Average Points: 0.35
Mortgage rates moved modestly in the past week, continuing a holding pattern that has lasted for about a month. The average 30-year fixed rate fell 3 basis points from the previous week, to 6.29 percent. A basis point is one-hundredth of a percentage point.
For the second consecutive week, […]

The Federal Reserve cut the target for the federal funds rate by a quarter-point this week, and you can be sure of what that means for mortgage rates: They will climb. Or they will drop. Or they will stay about the same.
In other words, there isn’t a straight connection between what the Fed does and […]