Mortgage Rates Drop: Fixed-rate mortgages averaged 9.56%...
From Times Staff and Wire Reports
Mortgage Rates Drop: Fixed-rate mortgages averaged 9.56% this week, down from 9.68% last week, according to a national survey by the Federal Home Loan Mortgage Corp. The rate matched the 9.56% level reached Dec. 14, which had been the lowest since a 9.43% rate on April 10, 1987. Rates had peaked in 1990 at 10.67% during the week ending May 4. On one-year adjustable-rate mortgages, the average initial rate of 7.78% was down from 7.92% last week. It was the lowest since the one-year rate dropped to 7.77% during the week ending May 27, 1988. The rates do not include add-on fees known as points.
