Fixed-Rate Mortgages Drop Again: Fixed-rate mortgages dropped...

Fixed-Rate Mortgages Drop Again: Fixed-rate mortgages dropped to their lowest point in more than two years last week. In response, the Veterans Affairs Department is lowering the interest rate cap for VA-backed mortgages to 9.5%. Fixed-rate, 30-year mortgages averaged 9.82% last week, down from 10.03% the previous week, the Federal Home Loan Mortgage Corp. said. One-year, adjustable-rate mortgages fell to 8.73% last week from 8.85% a week earlier.