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Mortgage rates nationwide fell for the fourth straight week, with the 30-year fixed-rate loan dipping to the second lowest level of the year.

Mortgage lender Freddie Mac said 30-year, fixed-rate mortgages averaged 6.11%, down from 6.14% last week. The only time rates have been lower this year was the week of Jan. 19 when they dipped to 6.1%. Rates on 30-year mortgages reached their peak at 6.8% in late July.

The average American rate for a 30-year fixed mortgage fell to 6.14% last week, down from a 2006 peak of 6.8% in July and the lowest since January, according to Freddie Mac, the no. 2 mortgage buyer. Applications for loans to purchase homes rose to a seven-month high, the Mortgage Bankers Association said yesterday. Earlier this year, housing forecasters including MBA, predicted borrowing costs would rise through 2006 and 2007.
"The rally thus far has already occurred sooner than many expected, and we believe the group is about to accelerate its ascent," an analyst at Citigroup Inc., Stephen Kim, said yesterday in a note to clients. Mr. Kim raised target prices for 13 homebuilders, including D.R. Horton Inc., Lennar Corp., and Toll Brothers Inc.