30-year mortgages dip slightly to 6.35 percent

WASHINGTON, D.C. (AP) - Rates on 30-year mortgages fell for a third consecutive week, dropping to the lowest level since mid-July.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.35 percent last week, down from 6.40 percent the previous week. It marked the third consecutive decline and left rates at the lowest level since July 17 when they stood at 6.26 percent.

The 30-year mortgage, which hit a high for this year at 6.63 percent on July 24, has been above 6 percent since late May as financial markets have become convinced that rising inflation pressures will keep the Federal...