Mortgage rates slide to nearly seven-month low

Mortgage rates are going down.

Mortgage rates dropped for the fourth week to hit the lowest level in nearly seven months.

Mortgage buyer Freddie Mac said the 30-year fixed-rate mortgage averaged 3.89% in the week ending June 8, down from 3.94%.

That continues a descent, since peaking in the wake of Donald Trump’s election victory.

Rates were as high as 4.3% in March.

Doubts about Trump’s ability to get Congress to enact stimulus — and cool inflation readings — have since taken the pressure off rates, even as the Federal Reserve is widely expected to hike short-term interest rates next week.

The 15-year fixed rate mortgage averaged 3.16%, down from 3.19%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage stayed at 3.11%.