Mortgage Rates Dip to Single Digits
<i> Associated Press</i>
WASHINGTON —
Fixed-rate mortgages this week dropped into the single digits for the first time since August, falling to 9.93%, according to a national survey released Wednesday by the Federal Home Loan Mortgage Corp.
The rate, which was 10.02% last week, had not reached the single digits since dropping to 9.84% in the week ended Aug. 3. It rose to 10.29% the week ended Aug. 24 before starting its decline.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 8.08%, the lowest since dropping to 8.06% during the week ended Aug. 26, 1988. The rate was 8.11% last week.
The rates do not include add-on fees known as points.
