Industry News

Dow’s freefall sinks overnight real estate rates

30-year fixed rate at 5.71%; 10-year Treasury yield at 4.51%
Published on Feb 28, 2007

Long-term mortgage interest rates continued to drop Tuesday and the benchmark 10-year Treasury bond yield tumbled to 4.51 percent after a decline in China's stock market and disappointing U.S. economic reports pushed the Dow Jones Industrial Average down more than 400 points. The 30-year fixed-rate average dipped to 5.71 percent, and the 15-year fixed rate was down at 5.48 percent. The 1-year adjustable slid to 5.35 percent. The 30-year Treasury bond yield declined to 4.63 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. The Dow Jones Industrial Average plunged 416.02 points, or 3.29 percent, finishing at 12,216.24. The Nasdaq lost 96.66 points, or 3.86 percent, closing at 2,407.86. Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time....

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