The 30 yr fixed rate mortgage fell to 6.33%, which makes it the lowest it has been since Sept 13th. Mortgage rates have remained steady despite a rise a couple months ago and are still in the range they were back in May.

Also, 15 yr fixed fell to 5.99 and 5 yr adjustable fell to 6.03 according to Freddie Mac.

Whether or not this should be considered a good sign for home buyers, is completely up to interpretation. The mess from the credit crunch is far from over and small dips in interest rates are most likely going to have little affect on slumping new and existing home sales.This dip in rates is most likely to do with 10 yr low slumping house sales that were recently reported for Sept.

While rates may be dipping in the US, in Australia the rates are actually increasing. The major banks in AU are all threatening to start hiking rates even more. The local governments and the national government are trying to step in to prevent these hikes from happening.

All in all, it appears that the global mortgage market is very volatile right now and shows no signs of calming down.