Investor's Business Daily - The benchmark fixed 30-year rate mortgage fell 9 basis points this week to 6.59%, said Freddie Mac. The 15-year loan fell to 6.25% from 6.32%. But the 1-year adjustable rate rose 6 basis points to 5.65% and the 5-year hybrid ARM climbed 4 ticks to 6.33%. Meanwhile, Bankrate said the spread between conforming and jumbo mortgages widened sharply over the last week, from 41 basis points to 69 basis points. Banks are having trouble selling lower-quality or large, higher-quality loans to Wall St., so they're raising rates.
Source: http://rss.news.yahoo.com
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