Mortgage rates fell for the fifth straight time this week, sending the 30-year, fixed-rate mortgage to its lowest level since February, Freddie Mac reported on Thursday. The 5.78% average on the 30-year fixed-rate mortgage is down about three-quarters of a percentage point since its decline began last month, Frank Nothaft, Freddie's chief economist, said in a press release.
The average for the week ended Sept. 18 was down 15 basis points from the preceding week and down from 6.34% a year ago, according to Freddie's weekly survey. It has not been lower since the week ended Feb. 14, when it averaged 5.72%. The loan rate hit its low for the year on Jan. 24, at 5.48%.