Mortgage Rates At Lowest Level In 7 Months...

Mortgage rates at lowest level in seven months, from MSNBC.com, reports that rates for 30-year fixed-rate mortgages fell to a seven month low this week, at 6.30 percent. Rates have been heading 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. "Home refinancing rose 18 percent last week, accounting for almost half of all mortgage applications," said Frank Nothaft, chief economist at Freddie Mac. Rates on a 15-year fixed-rate mortgage averaged 5.98 percent. A year ago, 30-year mortgages averaged 5.98 percent and 15-year mortgages averaged 5.54 percent.

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