Mortgage Rates Down For Sixth Week In A Row

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

Freddie Mac said Thursday that 30-year, fixed-rate mortgages dipped to 6.44 percent this week, down from 6.48 percent last week. That's the lowest level since they averaged 6.43 percent in the first week of April.

"Mortgage rates continued to drift lower this week in large part because of the cooling in the housing market and in consumer confidence, thus giving financial markets reason to believe that economic growth will moderate and inflation will remain in check," said Frank Nothaft, chief economist at Freddie Mac.

Rates on 15-year, fixed-rate mortgages fell to 6.14 percent, down from 6.18 percent, and rates on five-year adjustable-rate mortgages fell to 6.11 percent, down from 6.14 percent last week. More...

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