MCLEAN, Va. -- Mortgage rates dipped a bit this week on indications that economic growth is moderating.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.72 percent, compared with 6.80 percent last week.

The average for 15-year mortgages, which are popular for refinancing, dropped to 6.34 percent from 6.41 percent.

Freddie Mac chief economist Frank Nothaft said that in addition to signs of economic growth moderation, rates were influenced this week by the perception that inflation remains under control and speculation that the Fed may pause raising rates.

Sales of both new and existing homes have slowed this year under the impact of rising interest rates.

The Commerce Department reported Thursday that sales of new homes fell by 3 percent in June, the biggest drop in four months, with the inventory of unsold homes hitting a record high.

New-home sales were down in all regions except for the West, which saw an 8 percent increase. By contrast, sales were down more than 11 percent in the Northeast.

The median price of a new home stood at $321,000 in June. That means half were cheaper and half were more expensive. That was up more than 2 percent from a year ago, and down one and a-half percent from May.