Mortgage rates fall for fourth consecutive week, lowest level in over a year

Mortgage rates fell for the fourth consecutive week, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage decreased to 6.17% from last week's reading of 6.19%. The average rate on a 30-year loan was 6.72% a year ago.NEARLY 1 IN 5 AMERICAN HOMES SLASH PRICES AS BUYERS GAIN UPPER HAND IN SHIFTING MARKET"The last few months have brought lower rates and homebuyers are increasingly entering the market," said Sam Khater, Freddie Mac’s chief economist.The average rate on the 15-