In addition to mortgage rates, new underwriting rules will be approved in the next couple of weeks due to Frank-Dodd Act. This will change the qualifications to obtain a mortgage. So, look for mortgage news in the next couple of weeks.
The benchmark 30-year fixed-rate mortgage rose 21 basis points this week, to 5.23 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of one percentage point. The mortgages in this week's survey had an average total of 0.45 discount and origination points. One year ago, the mortgage index was 5.15 percent; four weeks ago, it was 4.94 percent.
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