Wednesday, August 3, 2011

Mortgage rates plunge, flirting with new lows

I'm getting that up and down feeling on these mortgage rates.
NEW YORK (CNNMoney) -- As Congress and President Obama hammered out a debt deal over the past week, mortgage rates plunged -- hitting new lows in some instances.
The 30-year fixed rate, usually the most popular choice for homebuyers, fell to 4.45% from 4.57% last week -- its lowest point since last November, according to the Mortgage Bankers Association.
Meanwhile, the rate on the less popular 15-year fixed plunged to a new record low of 3.52%, down from 3.67% a week earlier.
The up-front points lenders charged dropped as well, to 0.78 from 1.14 for 20%-down loans, according to the industry group. A homebuyer financing a $200,000 mortgage could save $14 a month and pay $720 less at closing based on the current point
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