MORTGAGE RATES FALL TO TEN-MONTH LOW

Posted at 8:37 AM, Dec. 1, 2006

Trying to make sense of today's economy is like trying to discern meaning in the shapes of the ever-shifting clouds. Which is another way of saying that mortgage rates fell again this week, but they conceivably could have gone up. The benchmark 30-year fixed-rate mortgage fell for the fifth week in a row, this time by 5 basis points, to 6.17%, 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 0.3 discount and origination points. The 30-year rate dropped to its lowest level since Jan. 25, when it was also 6.17%. One year ago, the mortgage index was 6.36%; four weeks ago, it was 6.31%. (Source: Bankrate.com) Full Story . . .