Mortgage Rates Decline, Again

McLEAN, Va. – Rates on long-term mortgages fell to the lowest level in five months as evidence mounted that the economy is slowing down, according to Freddie Mac.
The average for the 30-year, fixed-rate loan dipped to 6.26% this week, from 6.33% last week; while the average for the 15-year, fixed-rate mortgage slipped to 5.91%, from 5.99%. ARM rates also moved lower, with the average for the five-year ARM dipping to 5.98%, from 6.03% last week; and the average for the one-year ARM dropping to 5.57%, from 5.66%.
Frank Nothaft, chief economist for the secondary mortgage market giant, attributed the lower rates to a slowdown in the economy.
"Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks," he said.