Mortgage rates at lowest level in a year

Mortgage rates at lowest level in a year: "WASHINGTON -- July 1, 2005 -- Rates on 30-year mortgages sank this week to their lowest level in more than a year, offering a dose of welcome news to prospective home buyers who still face soaring home prices in many markets.

Freddie Mac, in its weekly survey, reported that for the week ending June 30, rates on 30-year, fixed rate mortgages dropped to 5.53 percent, down from 5.57 percent last week. This week's rate was the lowest since early April 2004, when rates on 30-year mortgages averaged 5.52 percent, a spokeswoman for the mortgage giant said."