Mortgage rates inch lower this week

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.74% from last week's reading of 6.75%. The average rate on a 30-year loan was 6.78% a year ago. HOUSING CRISIS DEEPENS AS 47 MAJOR METRO AREAS NOW REQUIRE HOMEBUYERS TO SPEND MORE THAN 30% OF INCOME "This week, the 30-year fixed-rate mortgage essentially remained flat at 6.74%," said Sam Khater, Freddie Mac’s Chief Economist. "Overall, the backdrop for the housing market is positive as the economy continues...