Mortgage rates dip following surge

Average U.S. rates on fixed mortgages fell this week after last week’s surge.

Freddie Mac said Wednesday that the average on the 30-year loan dropped to 4.29 percent. That’s down from 4.46 percent last week, the highest in two years and a full point more than a month ago.

The average on the 15-year mortgage fell to 3.39 percent, down from 3.50 percent last week – the highest since August 2011.

The average rate doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

Associated Press