Mortgage Rates Fall to 6-Month Low

Falling yields on long-term bonds are driving mortgage rates lower.

The average rate on 30-year mortgages declined to 5.66%, down from 5.87% last week, Freddie Mac said. This week’s rate was the lowest since July 11 when the rate averaged 5.52%.

For 15-year mortgages, average rates decreased to 4.97% this week -- also the lowest since July 11 -- and down from 5.17% last week.

Rates for one-year adjustable loans averaged 3.62%, down from 3.76% last week.

Mortgage rates tend to track yields on long-term bonds, such as Treasuries. Those yields have been sliding in recent months as more investors take the view that the Federal Reserve won’t tighten credit soon.