Industry News

Real estate rates fall overnight

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Long-term mortgage interest rates dropped Tuesday, and the benchmark 10-year Treasury bond yield tumbled to 3.44 percent. The 30-year fixed-rate average sank to 5.31 percent, and the 15-year fixed rate fell to 4.82 percent. The 1-year adjustable rate dipped to 5.25 percent. The 30-year Treasury bond yield was down to 4.2 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 128.11 points, or 1.06 percent, finishing at 11,971.19. The Nasdaq was down 47.75 points, or 2.04 percent, closing at 2,292.27. Stock figures are current as of 7:30 p.m. Eastern Standard Time. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...