Long-term mortgage interest rates declined Tuesday, and the benchmark 10-year Treasury bond yield dropped to 3.98 percent.
The 30-year fixed-rate average dropped to 5.75 percent, and the 15-year fixed rate slid to 5.35 percent. The 1-year adjustable rate, however, gained to 5.57 percent.
The 30-year Treasury bond yield was down at 4.48 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 fell 294.26 points, or 2.14 percent, finishing at 13,432.77. The Nasdaq dropped 66.6 points, or 2.45 percent, closing at 2,652.35.
Stock figures are current as of 7:15 p.m. Eastern Standard Time.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
