Mortgage Rates edge down slightly this week

Mortgage rates edge down slightly, from MSNBC.com, reports that rates on 30-year mortgages, after rising for five straight weeks, edged down slightly this week as investors reacted to news that suggested the economic drag from housing could last longer than expected. The government reported that construction of new homes fell 2.1 percent in May, leaving homebuilding activity 24.2 percent below the level of a year ago, while the National Association of Home Builders said its index of builder sentiment in June fell to a 16-year low. "Mortgage rates eased this week due to market concerns that the housing market will be a longer drag on the economy," said Frank Nothaft, Freddie Mac's chief economist. Freddie Mac reported Thursday that rates on 30-year, fixed rate mortgages averaged 6.69 percent, down from 6.74 percent last week. Rates on 15-year, fixed rate mortgages fell to 6.37 percent, down from 6.43 percent last week. Five year ARMS averaged 6.31 percent, down from 6.37 percent last week.

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