Dallas Refinance: Mortgage refinance rates drop lower

Dallas Refinance: Mortgage refinance rates drop lower

http://www.foxbusiness.com/personal-finance/2011/07/14/mortgage-rates-fall-to-labor-pains/

Mortgage rates dropped this week amid economic reports that show that the United States still faces a bleeding labor market and a crawling economy. The benchmark 30-year fixed-rate mortgage fell 10 basis points this week, to 4.69 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 0.36 discount and origination points. One year ago, the mortgage index was 4.77%; four weeks ago, it was 4.71%.

 The benchmark 15-year fixed-rate mortgage fell 8 basis points, to 3.82%. The benchmark 5/1 adjustable-rate mortgage fell 9 basis points, to 3.4%. Some mortgage experts expect the downward trend to last at least through next week.

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