US mortgage rates ease slightly

The average for a 30-year fixed rate mortgage was 6.37 percent for the week ending Oct. 3, down from the previous week's average of 6.42 percent, mortgage giant Freddie Mac said today.

Last year at this time, the average was 6.30 percent, Freddie Mac said.

"Mortgage rates eased slightly this week following three weeks of increases," Freddie Mac chief economist Frank Nothaft said in a statement. "The initial effects of the credit market turmoil that began in August are starting to emerge in housing statistics."
(By Chris Reidy, Globe staff)