McLEAN, Va. – Mortgage rates fell again this week, for the third week in a row, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan declined to 6.04% this week, from 6.14% last week, while the average for the 15-year, fixed-rate mortgage slipped to 5.73%, from 5.81%.
ARM rates also moved lower this week, with the average for the one-year ARM falling to 5.29%, from 5.33%; and the average for the five-year ARM dropping to 5.87%, from 5.98%.
"Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy," said Frank Nothaft, chief economist for Freddie Mac.
"Retail sales fell for the fourth straight month in October and consumer sentiment remained near a 28-year low in November," he said. "In fact, the Federal Reserve during its October 28-29 committee meeting lowered its economic growth forecasts for 2008 and 2009, according to its minutes released this week."
