Mortgage rates drop sharply after negative GDP report and latest Fed hike

Just a day after the Federal Reserve raised its benchmark rate, mortgage rates fell sharply. The average rate on the popular 30-year fixed-rate mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Daily Mortgage News. The rate fell further on Friday to 5.13%. Rates … Read more