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Mortgage Rates

By: Associated Press
By: Associated Press

Rates on 30-year mortgages fell below the six percent level this week for the first time in three months.

But home buyers should make their move now since economists say they don't expect rates to stay at this level for long.

Mortgage company Freddie Mac says its weekly nationwide survey found rates on 30-year, fixed-rate mortgages at 5.98 percent this week, down from six percent last week.

The rate was the lowest since the last time the 30-year mortgage was below six percent on April 22.

Since peaking in May, 30-year mortgage rates have been headed lower, reflecting in part a slowdown in economic activity in June.

The survey found that rates on 15-year, fixed-rate mortgages edged down to 5.39 percent this week, from 5.40 percent last week.


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