OVERVIEW ~ September 13 through 17 ~ Interest rates, which had begun to rise slightly in recent weeks, declined slightly during the week at hand. The 10-year Treasury note began the week at 2.795% and settled in small steps to a low of 2.746% by Friday's close. The Dow Jones Industrial Average (DJIA), meanwhile, rose from 10462.77 at Monday's open to 10607.85 at Friday's close. Neither the stock index's gain nor the upticks for the Treasury note were large or particularly significant except that they put an apparent end to the short season of rising rates and recent declines in the stock markets. The average 30-year fixed rate for Freddie Mac, from September 9 through 16 edged two basis points higher, rising from 4.35% the prior week to 4.37%; and the HSH Assoc. Computation (which includes jumbo rates) fell three basis points to 4.75%.
Source: Bank of America - Amy Carlson