30-year mortgages dip to lowest since February

WASHINGTON, D.C. (AP) - Rates on 30-year mortgages dropped sharply again last week, falling to the lowest level in seven months, as rates continue to decline following the government's dramatic takeover of mortgage giants Fannie Mae and Freddie Mac.

Freddie Mac reported Thursday that its nationwide survey found 30-year, fixed-rate mortgages declined to 5.78 percent last week, down from 5.93 percent the previous week.

It was the fifth consecutive weekly decline and pushed the 30-year mortgage to the lowest level since it stood at 5.72 percent the week of Feb. 14. The decreases have accelerated over the past two weeks since...