After increasing regularly for the past three weeks, the market is seeing lower mortgage interest rates. Thanks to economic data showing a decrease in home sales and prices, home loan rates are dropping again. Inman News explains the current mortgage rates trend:

"Mortgage rates eased slightly this week following three weeks of increases. The initial effects of the credit market turmoil that began in August are starting to emerge in housing statistics," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "New-home sales in August fell to the slowest pace in more than seven years and the median sales price had the largest 12-month decline since 1970. Moreover, August’s pending existing-home sales fell to the lowest level on record, which begins in 2001."