Fed's Efforts Pay Off as Mortgage Rates Hit a 5-week Low

Rates on 30-year mortgages dropped below 6 percent this week for the first time in more than a month, reflecting aggressive efforts by the Federal Reserve to cut interest rates to protect the economy from a serious recession.

Freddie Mac, the mortgage company, reported yesterday that 30-year fixed-rate mortgages averaged 5.87 percent this week. That was down from 6.13 percent last week, and marked the first time that 30-year rates have fallen below the 6 percent level since the week of Feb. 14.

Click here for more.