September 2, 2006

Mortgage Rates Continue to Drift Lower

Mortgage Rates Continue to Drift Lower

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Rates on 30-year mortgages fell for a sixth consecutive week, providing home buyers with more relief from an earlier rise in rates.

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Mortgage giant Freddie Mac said that 30-year, fixed-rate mortgages dipped to 6.44% this week, down from 6.48% last week.

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That was the lowest level for 30-year mortgages since they averaged 6.43% the first week in April.

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Mortgage rates hit a four-year high of 6.80% the week of July 20, before beginning a sustained decline as financial markets became more convinced that a slowing economy would keep inflation under control.

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Get the full story here…

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