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by CareyBot

Long-term mortgage rates tumbled this week after the Fed cut a key short-term interest rate and on news that inflation in February was weaker than expected, Freddie Mac reported today. The average rate on 30-year fixed mortgages dropped to 5.87 percent from last week's 6.13 percent, and the average 15-year fixed rate plunged to 5.27 percent from 5.6 percent. To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.5 on the 30- and 15-year loans. "Mortgage rates fell this week as various actions were taken to improve market liquidity," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "In addition, the inflation report from th...