Mortgage Rates Fall: The Federal Home Loan...

Mortgage Rates Fall: The Federal Home Loan Mortgage Corp. reported that rates for 30-year fixed mortgages fell 0.03 percentage points this week, while adjustable-rate mortgages dropped by 0.02 percentage points. The agency, which buys mortgages from lenders and packages them as securities for sale to investors, said interest on fixed-rate loans fell to 9.92% this week from 9.95% the week before. Adjustable-rate mortgages averaged 8.58%, down from 8.60% last week. 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.