Mortgage rates fell sharply this week on softer economic news, Freddie Mac reported today.
The average rate on 30-year fixed-rate mortgages dropped 21 basis points from a week ago, dipping from 6.24 percent to 6.03 percent, and the average 15-year fixed mortgage tumbled from 5.72 percent to 5.47 percent.
Points, or fees that lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. more…