Associated Press - July 5, 2007 10:43 AM ET
McLEAN, Va. (AP) - Long term mortgage rates have dipped for a third straight week.
Freddie Mac the 30-year fixed-rate mortgage is averaging 6.63% this week, compared with 6.67% the week before. A year ago, the rate stood at 6.79%.
The average for the 15-year loan is 6.30%, down four basis points from a week earlier. The 15-year mortgage averaged 6.44% at this time last year.
Freddie Mac Vice-President and Chief Economist Frank Nothaft says the decline is -- in part -- a refection of a moderation in core inflation.