Mortgage Rates at 7 month low

Rates on 30-year mortgages edged down this week and reached a seven-month low.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.30 percent, down slightly from 6.31 percent last week. It put rates at the lowest level since they were at 6.24 percent the first week of March of this year

Mortgage Rates have been headed lower for more than two months as financial markets have become convinced that a slowing economy will help ease inflation pressures, and that will keep the Federal Reserve from raising interest rates further.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 5.98 percent last week, the same as the previous week.

Mortgage Rates continue lower

ates on 30-year mortgages dipped this week to the lowest level in more than six months.

Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.31 percent this week, down from 6.40 percent last week.

The latest drop puts the 30-year mortgage at the lowest level since it stood at 6.24 percent in early March.

After hitting a four-year high of 6.80 percent on July 20, rates on 30-year mortgages have been trending down as financial markets become more convinced that a slowing economy will help keep inflation contained.