Real Estate

After rising five straight weeks in a row, the rates on 30 year mortgages have gone down a little bit during this week as investors heard rumors suggesting that the economic drag will continue longer than they hoped.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.69 percent this week. That was down from 6.74 percent last week, when rates had jumped to the highest level in 11 months. Analysts said the slight retreat occurred because financial markets saw two weak reports on housing as indications that troubles in the slumping sector are continuing to mount.

Like most people, Kurt Montufar, is taking advantage of the housing slump that seems to be getting worse as time goes by. Being one of the many homebuyers who were rejected as being out of the price market during the last boom, Montufar is looking for the perfect home to purchase. With foreclosures rising and sellers being forced to lower their prices, homebuyers are having the time of their lives.