Mortgage rates plummet following stock market plunge

Mortgage rates fell to lows not seen since November, in response to yesterday’s stock market plunge. As the S&P 500 got shellacked, mortgage rates fell about 0.06 percent yesterday, and the most highly-qualified borrowers could be looking at 30-year fixed mortgage rates of 4.25 percent.

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The average 30-year fixed mortgage rate, however, is still at about 4.375 percent, according to Mortgage News Daily. The monthly U.S. employment situation report, which is due Friday, will also have a big influence on rates , according to the website. [Mortgage News Daily]Hiten Samtani