Mortgage rates generally fell the week that ended Thursday, with the average 30-year fixed rate reaching the lowest level in at least 38 years, according to Freddie Mac's weekly survey.

"Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time low while the average rate on five-year [adjustable-rate mortgages] hovered near its record set in the previous week," Freddie chief economist Frank Nothaft said.

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