Mortgages take one-week dip

[ckramer]

U.S. mortgage rates fell in the week ending Thursday with the benchmark 30-year loan dropping below 6 percent, Freddie Mac said in its weekly survey. The mortgage agency said the national average interest rate on the 30-year mortgage was 5.93%, down from 6.04% a week earlier.

The decline ended seven straight weeks of run-ups for mortgages, which have finally begun to react to the Federal Reserve's series of interest-rate hikes started last year.

Three other mortgage types tracked by Freddie Mac also fell: The 15-year mortgage averaged 5.48%, down from 5.58% a week ago; the five-year hybrid adjustable-rate mortgage, which carries a fixed interest rate for five years and then adjusts annually, was at 5.33% versus 5.43%; and the one-year, Treasury-indexed ARM averaged 4.23%, virtually unchanged from last week's 4.24%.

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What bubble? I guess the housing market is goin to be white hot forever!

Could this be possible? ---> housing price drops along with the dropping of the mortgage rates.