30-year mortgages dip

WASHINGTON, D.C. (AP) - Rates on 30-year mortgages fell slightly last 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 last 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...