Long-term bond yields are unexpectedly falling, pushing mortgage rates down to February lows.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 2.9% with an average 0.6 point. (Points are fees paid to a lender equal to 1% of the loan amount. They are in addition to the interest rate.) It was 2.98% a week ago and 3.03% a year ago. The 30-year fixed rate has remained below 3% six of the past seven weeks.