The benchmark 30-year fixed-rate mortgage rose 17 basis points to 6.17 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 0.36 discount and origination points. One year ago, the mortgage index was 6.13 percent; four weeks ago, it was 6.32 percent.
The benchmark 15-year fixed-rate mortgage rose 21 basis points to 5.89 percent. The benchmark 5/1 adjustable-rate mortgage rose 19 basis points to 6.29 percent.
On Tuesday, the Fed cut the federal funds rate, as expected. The reduction was by a quarter of a percentage point, to 4.25 percent. And thousands of people called their mortgage brokers to seek a good deal.
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source: bankrate.com
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