Industry News

Mortgage rates drop

30-year down at 5.44%; 10-year Treasury holds at 4.22%

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Long-term mortgage interest rates were lower Friday, and the benchmark 10-year Treasury bond yield remained at 4.22 percent. The 30-year fixed-rate average fell to 5.44 percent, and the 15-year fixed-rate slipped to 4.84 percent. The 1-year adjustable was down at 3.24 percent. The 30-year Treasury bond yield increased to 5.02 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5. In other economic news, the Dow Jones Industrial Average was up 21.6 points, or 0.21 percent, finishing at 10,195.01. The Nasdaq was up 9.17 points, or 0.49 percent, closing at 1,862.09. Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....