Mortgage rates drop
Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage fell 7 basis points to 5.65 percent ... One year ago, the mortgage index was 6.34 percent." Nearing a record low, Bankrate.com states "The last time the benchmark 30-year rate was this low was the week of Feb. 16, when it was 5.62 percent."
An executive from Washington Mutual is interviewed in the online article, and strongly suggests that people with variable rate mortgages may want to refinance to a fixed rate loan at this time.
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