Mortgage Rates Decline Slightly...

Mortgage rates decline slightly, from MSNBC.com, reports that the average rate on a 30-year fixed-rate mortgage fell slightly to 6.72 percent, from 6.80 percent last week, on Fed Chairman Bernanke's comments to Congress that the Fed believes a slowing economy would help reduce inflation. Those remarks were seen as a signal that the central bank's long string of rate hikes could be drawing to a close. "Mortgage rates drifted lower this week on indications that economic growth is moderating, inflation remains under control and the Fed just may pause raising rates for a while," said Frank Nothaft, chief economist at Freddie Mac. Rates on 15-year, fixed rate mortgages fell to 6.34 percent, and rates on one-year adjustable mortgages dropped to 5.78 percent. A year ago, 30-year mortgages averaged 5.77 percent.



http://www.msnbc.msn.com/id/7148582/