Mortgage rates drop to lowest in months

(CNN)– Mortgage rates have dropped for seven straight weeks and are now at the lowest level since August.

According to data from Freddie Mac Finance Company, the 30-year fixed mortgage rate fell this week to over 7%.

That’s down from 7.2% last week.

By comparison last year, the average rate was at 6.3%.

The average mortgage rate is based on applications Freddie Mac gets from lenders across the country.