Mortgage rates drift lower

Mortgage rates fell last week over concerns about a slower economy and the continuing housing slump, mortgage giant Freddie Mac said in its weekly report today. Over the last week, the rate for a 30-year fixed-rate mortgage averaged 6.33 percent, down from the previous week when it averaged 6.40 percent; last year at this time, the 30-year fixed-rate mortgage averaged 6.40 percent, Freddie Mac said.

“Market concerns about slower economic growth over the next few months allowed mortgage rates to drift lower from last week,” Freddie Mac chief economist Frank Nothaft said in a statement.

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