Rates on 30-year mortgages drop to lowest level since April

Rates on 30-year mortgages drop to lowest level since April: "WASHINGTON -- Sept. 15, 2006 -- Rates on 30-year mortgages fell for the seventh time in the past eight weeks, dropping to the lowest level since early April.

Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages dipped to 6.43 percent this week, down from 6.47 percent last week.

Rates on 30-year mortgages had hit a four-year high of 6.80 percent on July 20 before beginning the sustained slide.

Investors have become more convinced in recent weeks that a drop in oil prices will keep inflation under control and allow the Federal Reserve to keep interest rates steady."