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Mortgage news across the nation Mortgage rates drop back Mortgage rates didn't move much this week; they have remained confined within a narrow range for the last month and a half. The benchmark 30-year fixed-rate mortgage slipped 3 basis points this week, to 5.12 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 0.39 discount and origination points. One year ago, the mortgage index was 5.41 percent; four weeks ago, it was 5.15 percent. The benchmark 15-year fixed-rate mortgage was down 6 basis points, to 4.46 percent. The benchmark 5/1 adjustable-rate mortgage dropped 7 basis points, to 4.46 percent. Since mid-January, the benchmark rate on the 30-year fixed has been moored at a low of 5.11 percent to a high of 5.15 percent. This era of remarkably low rates is a boon to homeowners who are able and willing to refinance. A surge of refinancers applied for loans last week, according to the Mortgage Bankers Association: Mortgage refi volume was up 17 percent.
Rate update ~3/10/2010
market direction ~ Rates are flat
rate trends ~ short term flat, long term flat
	March 10 (Bloomberg) -- U.S. stocks rose as a drop in wholesale inventories and improvement in the corporate bond market added to signs the economy is strengthening, overshadowing concern China will raise interest rates. Citigroup Inc. advanced 3.7 percent as the bank sold trust preferred securities to raise capital. American International Group Inc. rose as much as 14 percent amid speculation asset sales will improve the insurer’s viability. Boeing Co. and Bank of America Corp. gained at least 2.2 percent to help the Dow Jones Industrial Average recover from an earlier slide triggered by concern China may need to combat inflation. About seven stocks advanced for every five that fell on the New York Stock Exchange. The S&P 500 rose 0.6 percent to 1,146.74 at 2:18 p.m. in New York after rallying as much as 0.7 percent earlier to come within 2 points of its 2010 high. The Dow increased 16.33 points, or 0.2 percent, to 10,580.71. “The big question is -- where do we go from here?” said Peter Jankovskis, who helps manage about $1.8 billion as co- chief investment officer at Oakbrook Investments in Lisle, Illinois. “We’ve had a very strong rally off the lows. There are certainly expectations that things are getting better. The financial system has stabilized. Yet we haven’t seen enough to say that is sustainable. People are waiting for more evidence to go one way or the other.” U.S. stocks rose yesterday on the anniversary of the 2009 bear-market low for the S&P 500 amid speculation the economy will continue to recover from the worst contraction since the Great Depression. The S&P 500 has rallied 69 percent from a 12- year low last March as the Federal Reserve kept its benchmark interest rate near zero to stimulate economic growth. Rates are flat on this news. Stay Tuned as rates can move every day!

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