| RATES MOVE DOWN:
Results of Bankrate.com's Jan. 2 national
survey and the effect on monthly payments for a $150,000 loan: |
Weekly mortgage survey, Jan. 3: Rates fall
By
Holden Lewis •
Bankrate.com The benchmark
30-year fixed-rate mortgage fell 7 basis points to 7.18 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 0.63 discount and origination points. The
retreat in rates marks a reversal following three weeks of sharp mortgage rate
increases, but Bankrate financial analyst Greg McBride warns, "This is not
the start of a sustainable trend. In fact, it may be rather short-lived. Opportunity
knocks for those borrowers waiting to lock."
| 
