Mortgage rates down across board
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Rates on 30-year mortgages dropped for a third straight week to their lowest since the summer of 2005 as worries intensified about the current economic slowdown.
Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 5.69% this week, down from 5.87% last week.
Rates on 15-year mortgages, a popular choice for refinancing, fell to 5.21% from 5.43%. Rates on five-year adjustable-rate mortgages declined to 5.4% from 5.63%. Rates on one-year adjustable-rate mortgages dropped to 5.26% from 5.37%.
The rates do not include added fees known as points.
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