Rates on 30-Year Mortgages Drop Sharply

The AP reports:

Rates on 30-year mortgages dropped this week to the lowest point in four months, providing some relief for people hoping to refinance their existing mortgages.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.31 percent this week, the lowest level since May 17, when 30-year mortgages averaged 6.21 percent. The rate had been 6.46 percent last week.

Too bad,there aren't enough buyers that qualify for a traditional 30 year mortgage.