Industry NewsMarkets & Economy

Dramatic drop in overnight real estate rates

30-year fixed rate at 5.96%; 10-year Treasury yield at 3.47%

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Long-term mortgage interest rates fell Wednesday, and the benchmark 10-year Treasury bond yield sank to 3.47 percent. The 30-year fixed-rate average dropped to 5.96 percent, and the 15-year fixed rate plunged to 5.32 percent. The 1-year adjustable rate, however, climbed to 4.85 percent. The 30-year Treasury bond yield decreased to 4.41 percent. Rates and bonds 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 lost 46.57 points, or 0.38 percent, finishing at 12,110.24. The Nasdaq was down 11.89 points, or 0.53 percent, closing at 2,243.87. Stock figures are current as of 7:30 p.m. Eastern Standard Time. *** What's your opinion? Leave your comments below or send a letter to the editor. ...