The national average interest rate on 30-year fixed-rate, mortgages plunged last week to 7.11%, from 7.19% last week and 7.24% two weeks ago.

Preliminary figures from a weekly survey by HSH Associates of Butler, N.J., also showed that points charged on such loans averaged 1.2%, down from 1.37% last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.