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To: stockman_scott who wrote (45139)	12/13/2001 4:30:50 PM
From: Sully-	Read Replies (3) \| Respond to of 65232

If this is true, then who is pocketing the huge difference in the spread considering all the rate cuts????? Mortgage Rates Rise 30-Year Mortgage Rate Rises to Highest Level in Five Months WASHINGTON (AP) -- Rates on 30-year mortgages rose to slightly above 7 percent this week, the highest level in five months. The average interest rate on 30-year fixed-rate mortgages advanced to 7.09 percent, up from 6.84 percent last week, according to a nationwide survey released Thursday by Freddie Mac, the mortgage company. Rates on 30-year mortgages fell to 6.45 percent in early November, the lowest level since Freddie Mac began conducting its nationwide survey in 1971. But since then rates have benerally been rising as the bond market detected signs that the recession might be bottoming out. Still, Frank Northaft, Freddie Mac's chief economist, said that even with the small increases rates remain essentially where they were at the beginning of the year. ``They are still at historically low levels,'' he said. ``This should ensure that the housing sector remains vibrant going into the new year.'' Fifteen-year mortgages, a popular option for refinancing, rose to 6.57 percent this week from 6.30 percent the week before. This rate had fallen to a low of 5.94 percent in early November. A year ago, rates for 30-year mortgages averaged 7.42 percent and rates for 15-year mortgages averaged 7.11 percent. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.19 percent, down slightly from 5.21 percent the previous week. Last year at this time, ARMs stood at 7.05 percent. These rates do not include add-on fees known as points, which averaged around 1 percent of the loan amount for all three types of mortgages. biz.yahoo.com