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Market News      

       The dollar headed for a third weekly decline against the euro on speculation a U.S. housing slump and record oil prices will slow economic growth. The U.S. currency traded near a three-week low against the British pound and the weakest level in one-month versus the Swiss franc before an industry report yesterday that  showed U.S. home sales dropped for a second month. The Federal Reserve this week reduced its economic growth forecasts and raised its projection for inflation.
 
U.S. home resales declined 1.6 percent to a 4.85 million annual rate in April, according to the median estimate of a Bloomberg News survey. Repurchases account for 85 percent of the market, while new home sales account for the rest. The National Association of Realtors released their findings yesterday in Washington. 
 
Today's Rates
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Product              Rate              APR
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3/1ARM                          *5.375%               *5.460%
 
5/1 ARM                         *5.375%               *5.460%
 
15 Yr. Fix.                       *5.500%              *5.578%
 
30 Yr. Fix.                       *5.875%              *5.960%
 
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount