Byline: John M. Berry The Washington Post
Mortgage interest rates have dropped more than 1 percentage point from their peak of a little more than 11 percent in March and are likely to fall at least another half a percentage point by the end of the year, according to a number of economic forecasters.
The effective rate on a 30-year, fixed-rate mortgage with at least a 20 percent down payment is less than 10 percent.
Advertised rates are as low as 9.25 percent in the Washington area, but adding in the cost of points that lenders charge as a loan-origination fee raises the effective rate to about 9.75 percent. Each point is equal to 1 percent of the amount borrowed.
Mortgage rates have …
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