Mortgage rates are creeping lower as increased concerns over the stumbling housing market reach into other markets. These concerns have brought mortgage rates down to their lowest levels in almost half a year.

This news was illustrated by the Primary Mortgage Market Survey put out by Freddie Mac. According to the survey, the 30-year fixed-rate mortgage is currently averaging 6.26 percent with an average 0.4 point for the week ending November 1, 2007. Just the week earlier, the mortgage rate was at 6.33 percent. Last year at this same time, the 30-year fixed rate mortgage was averaging about 6.31 percent.

These results show that the benchmark 30-year mortgage loan rate has is at its lowest since May 17, 2007, at which time it averaged 6.21 percent.

According to Frank Nothaft, Freddie Mac vice president and chief economist: “October’s consumer confidence fell to its lowest level since October 2005 as mortgage rates continued to decline this week to their lowest level in almost six months. Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage and mortgage refinance rates low over the last few weeks."

While this should be good news for buyers, the recent troubles with the sub-prime market has caused many lenders to tighter up credit, making it more difficult for some buyers to get these lower rate loans.