Mortgage Rates Down For Fourth Week In A Row

Rates on 30-year mortgages fell for a fourth consecutive week as a slowing economy eased concerns about inflation.

Mortgage giant Freddie Mac said Thursday that 30-year, fixed rate mortgages fell to 6.52 percent, down from 6.55 percent last week. That's the lowest rate since April 13th. Rates on a 15-year, fixed rate were at 6.2 percent, no change from the week before.

"A year ago, 30-year mortgages averages 5.80 percent and 15-year mortgages stood at 5.40 percent. Long-term rates continue to relax as economic reports support a picture of a weakening housing sector and a slower growing economy," said Frank Norhaft, chief economist at Freddie Mac. More...

Great news for a slowing housing economy!