Mortgage Rates Fall For Fourth Week

Mortgage Rates Fall For Fourth Week

As rates continue to drop, more people are refinancing their home loans and fewer people are getting adjustable-rate mortgages.

The benchmark 30-year fixed-rate mortgage fell 6 basis points to 6.51 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.88 percent; four weeks ago, it was 6.89 percent.
 

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