DEAR CHRISSY: I've heard that rates are dropping again and they might even be as low as they were last year around this time, but I just got quoted a rate of 5.5 for a 30 year fixed - that seems high to me?

~ Nicole, Dunwoody

DEAR NICOLE: You are correct, we are currently experiencing a 14 month low. If you were quoted 5.5% on a 30 year fixed rate then I would say you were quoted too high! Long-term mortgage interest rates were down Thursday, and the benchmark 10-year Treasury bond yield slipped to 4.07 percent.

The 30-year fixed-rate average sank to 5.25 percent, and the 15-year fixed-rate fell to 4.82 percent. The 1-year adjustable remained at 3.61 percent. David Godwin at of BancMortgage states that now is the time to lock in as we haven't seen them this low in quite some time!

The 30-year Treasury bond yield dipped to 4.37 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average rose 12.28 points, or 0.12 percent, finishing at 10,578.65. The Nasdaq gained 14.23 points, or 0.69 percent, closing at 2,089.15.

Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time.

David Godwin can be reached at dgodwin@bancmortgage.com or 770.830.1824

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