Mortgage Rates Decline: Interest rates on both...

Mortgage Rates Decline: Interest rates on both fixed-rate and adjustable-rate mortgages fell sharply in early July, the Office of Thrift Supervision reported. Fixed-rate mortgages fell to 10.60% from 11% during the period, while adjustable-rate mortgages dropped to 9.73% from 10.05%. It was the first time this year that fixed-rate mortgages had fallen below 11%. Meanwhile, the effective rate on all mortgages closed fell to 10.41% in early July from 10.56% in June, the first decline in nearly a year.