Mortgage rates fall for 4th straight week, lowest since early May

Mortgage rates fell for the fourth consecutive week to the lowest level since early May, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.77% from last week's reading of 6.81%.

The average rate on a 30-year loan was 6.86% a year ago.

HOUSING CRISIS DEEPENS AS 47 MAJOR METRO AREAS NOW REQUIRE HOMEBUYERS TO SPEND MORE THAN 30% OF INCOME

"Borrowers...