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Thursday, March 3, 2011

Slight Decline in Mortgage Rates this week

At the beginning this week mortgage rates with heading down.  Mortgage rates have declined some however even as I write this interest rates have started to increase again.

The benchmark 30-year fixed-rate mortgage fell 6 basis points this week, to 5.03 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 5.12 percent; four weeks ago, it was 5.02 percent.
The benchmark 15-year fixed-rate mortgage fell 6 basis points, to 4.31 percent. The benchmark 5/1 adjustable-rate mortgage fell 8 basis points, to 3.85 percent, and the benchmark 30-year, fixed rate jumbo mortgage fell 7 basis points, to 5.6 percent.
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