Saint Louis Job News & Opportunities St. Louis Front Page is a weekly news publication, with daily updates, spotlighting attractions, events, business and hospitality in St. Louis, Missouri and Southwest Illinois. St. Louis News Community Info St. Louis Job News St. Louis CitySide Business News St. Charles News Southwest, IL News Fairview Heights,IL Art Gallery News Hotel News Restaurant News Style St. Louis Not Just For Kids   Downtown Map America's Center Busch Stadium Gateway Arch Savvis Center Laclede's Landing Old Courthouse Union Station Washington Avenue   Metropolitan Map Casinos Clayton, MO Grand Center Grant's Farm Forest Park Kimmswick, MO MO Botanical Garden Soulard St. Charles, MO West Port Plaza Transportation Lambert Airport How To Reach Us: St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Mortgage Rates Rise Following Employment Report ST. LOUIS, (PRNewswire) July 16, 2005 - Mortgage rates climbed for the second week in a row as a lukewarm employment report dispelled fears of both an economic slowdown and higher inflation. The average 30-year fixed rate mortgage climbed from 5.7 percent to 5.76 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.39 discount and origination points. The 15-year fixed rate mortgage popular for refinancing ascended to 5.36 percent from 5.29 percent. The average rate for the jumbo 30-year fixed rate mortgage hit the 6 percent mark, rising from 5.95 percent. Adjustable rate mortgages were mixed, with the average 5/1 adjustable rate mortgage jumping from 5.27 percent to 5.35 percent, while the one-year ARM dipped to 4.71 percent from 4.76 percent one week ago. The monthly employment report issued July 8 showed moderate job growth in the month of June. While this type of report would not normally cause interest rates to rise, it did reinforce the notion of the "Goldilocks economy," one that is not too hot, but not too cold either. With things not as bad as the pessimists thought but not as strong as the optimists predicted, there were fewer fears about an economic downturn or potentially higher labor costs that would induce inflation. In response to both, bond investors sold long-term Treasury securities. Mortgage rates are closely related to yields on long-term government bonds. Yields on ten-year Treasury notes have climbed from 3.94 percent to 4.16 percent since the Fed raised rates for the ninth time on June 30, pushing mortgage rates up in each of the past two weeks. Fixed mortgage rates remain very low, and so too do monthly payments. One year ago, the average 30-year fixed mortgage rate was 6.11 percent. At the time, the monthly payment on a $165,000 loan was $1,000.96. With the average rate now 5.76 percent, the monthly payment on the same $165,000 loan is $963.94. Refinancing now would save $37 each month, or more than $13,300 over the loan term. The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Respondents are split this week, with 40 percent expecting rates to remain unchanged in the next 30-45 days, and 40 percent predicting rates will retreat from current levels. The remaining 20 percent expect rates to keep climbing. Archived: National Job Quality is Declining 18- to 34-Year-Olds, Low Earners Tops Among Job-Hoppers 'Class of 9/11' Finds Patriotism Is Not Enough to Work for Government Laptops, Not Autos, Tempt Today's Job Seekers Survey Highlights Mothers as Ideal Workplace Leaders Worker's Compensation Reform Bills Protect Missouri Jobs Employment Rebounds in St. Louis Missouri Quality Jobs Act to Create Jobs, Spur Economic Growth Smurfit-Stone Anticipates Job Growth at New Headquarters in St. Louis County Worker Confidence Drops Sharply in February Employment Market Minority-Owned Businesses Boost Local Economies in Tight Job Market Workers Rate Bosses Highly, But Say They Can Do the Job Better U.S. Households Led by Single Mothers and Displaced Homemakers on the Rise Job Market Continues Growth As Worker's Confidence Levels Increase    The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 1996 - 2008 Moore Design Group .