Big drop in mortgage rates
The economic winds of change may be blowing ill (good grief, that's a tortured metaphor), but it's nothing but wine and roses for those of you shopping for a mortgage. Well -- those of you who can qualify.
Bankrate.com said mortgage rates have taken their biggest three-week drop since 1988. The average conforming 30-year fixed mortgage rate is down to 5.75 percent, according to the company's most recent weekly survey, which is where rates stood in mid-2005.
The average rate for a 15-year mortgage, common for refinancing, fell to 5.28 percent, while the average rate for a jumbo 30-year mortgage dropped to 6.98 percent.
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