Mortgage rates have fallen precipitously with rates on 30-year mortgages dropping to the lowest level in more than two years. Freddie Mac, a stockholder owned corporation chartered by Congress, has reported that the 30-year, fixed-rate mortgages averaged 6.10 percent. That was down from 6.20 percent and was the lowest rate since the week of Oct. 13. 2005, when rates stood at 6.03 percent. Two factors seem to be driving-down the rates 1) increased worries that a severe slump in housing and a continuing credit crunch could drag the economy into a recession and 2) the recent turbulence in stock markets, prompting many investors to rush to the safety of U.S. Treasury securities, driving down the yields on bonds.

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