McLEAN, Va. – Long-term mortgage rates fell this week as turmoil continued in the mortgage markets, according to Freddie Mac. The average for the 30-year, fixed-rate mortgage declined to 6.33% this week, from 6.40% last week; while the average for the 15-year, fixed-rate loan slipped to 5.99%, from 6.08%. ARM rates also slipped, with the average for the five-year ARM dropping to 6.03%, from 6.10% last week; and the average for the one-year ARM dipping to 5.66%, from 5.76%. "Market concerns about slower economic growth over the next few months allowed mortgage rates to drift lower from last week," said Frank Nothaft, chief economist for the secondary mortgage market giant.
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