Mortgage Rates Rise

Mortgage rates rose modestly this week as investors shifted money from bonds to stocks.

The benchmark 30-year fixed-rate mortgage rose 6 basis points to 5.76 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 39 discount and origination points. One year ago, the mortgage index was 6.11 percent.

The benchmark 15-year fixed-rate mortgage rose 7 basis points to 5.36 percent. The benchmark 5/1 hybrid adjustable-rate mortgage rose 8 basis points to 5.35 percent.

See full article: http://www.bankrate.com/brm/news/mtga/20050714a1.asp

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