Our latest survey of major lenders found the average cost for a 30-year fixed-rate loan – the most popular way to pay for a house – fell to 6.77% this week, after holding around 6.9% for the past month.

Rates haven’t been that low since they jumped from 6.71% to 6.83% in our June 21 survey.

More importantly it raises the possibility that rates may be leveling off after steadily rising for more than two years – and leveling off at less than 7%.

While rates are still higher than they’ve been in more than four years, they’re still pretty reasonable.

Really.

Rates are only a little more than a point-and-a-half higher than the record low reached three years ago. And we are certainly no where near the double-digit rates of the ‘80s and early ‘90s.

Buyers may have to settle for a little less house. Sellers may have to settle for slightly lower prices. And this won’t be another record year for home sales like 2005.

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