30-year fixed-rate mortgages contract another 7 points, descending to 4.87% and edging closer to...

|By:, SA News Editor

30-year fixed-rate mortgages contract another 7 points, descending to 4.87% and edging closer to their record lows of 4.68% earlier this year, Freddie Mac says in its weekly report. Falling rates helped boost home-loan applications last week to the highest level since May.