Mortgage rates dropped last week, with fixed-rate...

Mortgage rates dropped last week, with fixed-rate loans down 0.04 percentage point to 10.67% and adjustable-rate loans dipping 0.01 percentage point to 8.06%, the Federal Home Loan Mortgage Corp. said. The fixed-rate average is for a 30-year loan covering 80% of a home’s cost. The average adjustable-rate mortgage also is for 30 years but for 75% of the home price. The agency buys mortgages from lenders and packages them as securities for sale to investors.