Mortgage Rates Drop Again: Fixed-rate mortgages averaged...
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From Times Staff and Wire Reports
Mortgage Rates Drop Again: Fixed-rate mortgages averaged 9.36% last week, down from 9.56% the previous, according to a national survey by the Federal Home Loan Mortgage Corp. The average was the lowest since April 3, 1987, when it was 9.27%. On one-year adjustable-rate mortgages, lenders asked an average initial rate of 7.68%, down from 7.75% last week and the lowest since 7.66% during the week ending May 13, 1988. The rates do not include additional fees known as points.
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