Mortgage rates drop to 2-month low—an unexpected holiday gift to housing
Mortgage rates are falling sharply, as investors head to the relative safe haven of the bond market. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury. The average rate on the popular 30-year fixed has fallen 19 basis points in the past week, from 4.94 percent to 4.75 percent on Thursday, according to Mortgage News Daily.