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Article: Mortgage Rates Again Fall Below 7 Percent
- Article from:
- The Washington Post
- Article date:
- January 12, 2001
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Mortgage rates fell below 7 percent for the first time since April
1999, according to a weekly survey released yesterday.
The average rate on a 30-year fixed-rate mortgage this week was
6.89 percent, with an average of 0.9 points, according to Freddie
Mac, the McLean-based secondary-mortgage-market company. That was
down from 7.07 percent the week before.
At 6.89 percent, a borrower would pay $657 a month in principal
and interest on a $100,000 loan. In comparison, a 7.07 percent rate
means a $670 monthly payment. A year ago, when rates were above 8
percent, that payment would have been about $750.
Points are the fees mortgage borrowers pay upfront for their
loans. Each point is equal to 1 ...