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Mortgage Interest Rates Take a Dive

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After six weeks of rate hikes increases, mortgage interest rates took a drop because fuel prices shot up. The benchmark 30 year fixed rate mortgage fell 8 basis points to 5.88 percent, according to one survey of national lenders. A basis point is equal to one hundredth of 1 percentage point. The mortgages in this survey had an average of 0.37 point discount and origination points. Last summer,the mortgage index was 5.82 percent.

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The 15 year fixed mortgage fell just 6 basis points to 5.5 percent. The 5/1 adjustable mortgage fell 6 basis points to 5.56 percent.

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