Money News

By Barbara Kiviat; Daren Fonda Sunday, July 27, 2003
    • Rate Shock
    A bond-market slump pushed the average 30year fixed-rate mortgage to 5.94% last week, up from an all-time low of 5.21% in June. Home buyers need to recalculate how posh a place they can afford. "Are you ready for an increased monthly payment?" asks Anthony Hsieh, CEO of HomeLoanCenter.com .

    There's no need to make a mad dash for the bank to refinance. The Mortgage Bankers Association forecasts that rates will hover around 6% for the rest of the year. Keep in mind that a 6% mortgage is still a better deal than those we have seen for most of the past 30 years. -- By Barbara Kiviat

    Runaway ID Theft
    Identity theft is soaring. The crime is up 79% from February 2002 and hit an estimated 7 million people in the past year, according to the research firm Gartner. How can you shield yourself? The Identity Theft Resource Center, a not-for-profit organization, suggests that consumers check their credit ratings annually from the credit-reporting bureaus: Equifax, Experian and TransUnion. Don't write your Social Security or driver's license number on checks, don't respond to suspicious e-mail requests, and go easy on yourself if you're victimized: fraudsters have hit everyone from Steven Spielberg to Tiger Woods. -- By Daren Fonda