Rates on 30-year mortgages dipped to the lowest level in nearly four months this week, providing more support for the booming housing market.

Freddie Mac, in its weekly nationwide survey, said Thursday that rates on 30-year, fixed-rates mortgages fell to 5.85% this week. That's down from the average rate of 5.99% last week and is the lowest level for 30-year mortgages since early April.

Rates on 30-year mortgages hit a high this year of 6.34% the week of May 13. Since then, they have slowly drifted downward, reflecting in part what Federal Reserve Chairman Alan Greenspan has called a "soft patch" in economic activity in June...
[read more at usatoday.com]

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