“Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months." --Mike Fratantoni, MBA’s SVP and Chief Economist.

More than two-thirds of homeowners who have taken out an adjustable-rate mortgage in the past 10 years regret it, according to a new study from home equity investment platform Point, Palo Alto, Calif.