savings

Interest Rate Roundup

Mortgages
Rate: 6.32 percent (30-year fixed) Average points: 0.34

Mortgage rates were all over the board this week, although movement was mostly modest. The average 30-year fixed rate fell 2 basis points from the previous week, to 6.32 percent. A basis point is one-hundredth of a percentage point.

The average 30-year fixed rate has now fallen in four of the past five weeks. At this time last year, the 30-year fixed rate stood at 6.22 percent.

The average 15-year fixed, a popular option for refinancing, fell 6 basis points, to 5.98 percent. Meanwhile, the average jumbo 30-year fixed rose 10 basis points, to 7.15 percent.

Adjustable-rate mortgages also were split. The popular 5/1 ARM rose 1 basis point, to 6.19 percent. By contrast, the one-year ARM fell 3 basis points, to 6.04 percent.

Mortgage rates have not moved much in the first couple of weeks following the Federal Reserve's Oct. 31 decision to cut the federal funds rate by a quarter-percent.

Although rates remain near recent lows, many experts have warned that several factors -- including surging oil prices, subprime woes, a weaker dollar and fears of rising inflation -- may push rates back up eventually.

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