McLEAN, Va. – Mortgage rates declined again this week, for the third week in a row, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan slipped slightly to 6.24%, from 6.26% last week; while the average for the 15-year mortgage declined to 5.90%, from 5.91%. ARM rates also moved downwards, with the average for the five-year ARM falling to 5.89%, from 5.98% last week; and the average for the one-year ARM dropping to 5.50%, from 5.57%.
"Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week," said Frank Nothaft, chief economist for the secondary market giant. "Rates for long-term mortgages were little changed while rates for ARMs fell following the Federal Reserve's interest-rate cut."
