Mortgage rates dropped dramatically this week in an abrupt shift following a two-month rise. The benchmark 30-year, fixed-rate mortgage fell 11 basis points to 6.31% , according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.31 discount and origination points. One year ago, the mortgage index was 6.32% ; four weeks ago, it was 6.24%. Before this week, the average 30-year fixed had risen seven out of eight weeks -- and it remained unchanged during the one week when it didn't go up. That two-month rise followed a six-week period when rates fell every week. (Source: Bankrate.com)
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