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Thursday, October 09, 2008
Bankrate: Mortgage Rates Decline In Latest Week
Michelle Donley
MarketWatch Pulse
NEW YORK -- Fixed mortgage rates fell in the latest week, according to Bankrate Inc.'s survey released Thursday. The average conforming 30-year fixed mortgage rate dropped to 6.20% from 6.41% a week ago, while the average 15-year fixed mortgage rate declined to 5.95% from 6.14% a week earlier. Adjustable mortgage rates also slid, with the average 5/1 ARM falling to 6.21% from 6.49%. The ongoing credit crisis is likely to produce more rate volatility, Bankrate said, noting that mortgage rates hit a high of 6.77% in July and a low of 5.57% in January.
Copyright © 2008 MarketWatch, Inc.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
