Average Mortgage Rates Dip

Rates on 30-year mortgages fell slightly this week to the lowest level since mid-July. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.47 percent this week, down from 6.52 percent, which had been the rate for the previous three weeks. The new rate was the lowest since the week of July 17 when 30-year mortgages stood at 6.26 percent.

The 30-year mortgage has been above 6 percent since late May as financial markets have become convinced that rising inflation pressures will keep the Federal Reserve from cutting interest rates further even though the economy remains mired in a period of significant weakness.