Bloomberg News

MCLEAN, Va. - The average 30-year mortgage rate fell this week to the lowest level this year, Freddie Mac said Thursday.

The 30-year, fixed-rate mortgage rate fell to 7.96%, from 8.04% last week, while the average rate on a one-year adjustable mortgage dropped to 7.21%, from 7.28%.

Recent reports showing slower economic growth and tame inflation "allowed mortgage rates to ease once again," said Robert Van Order, Freddie Mac's chief economist. This week's 30-year mortgage rate is the lowest since 7.96% in the week that ended Dec. 24.

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