Rates on 30-year mortgages drop sharply

September 13 2007 BusinessWeek.com Rates on 30-year mortgages dropped this week to the lowest point in four months, providing some relief for people hoping to refinance their existing mortgages. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.31 percent this week, the lowest level since May 17, when 30-year mortgages averaged 6.21 percent. The rate had been 6.46 percent last week. All mortgage products surveyed by Freddie Mac showed declines this week. Frank Nothaft, the company's chief economist, said this should provide help to homeowners who are hoping to refinance existing adjustable rate loans that are resetting from low introductory "teaser" rates.

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