Rates on 30-year mortgages dropped for a third straight week to the lowest level since the summer of 2005 as worries intensified about the current economic slowdown.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.69 percent this week.
It marked the second week that 30-year mortgages have been below 6 percent and the third straight weekly decline since rates closed out 2007 at 6.17 percent. This week’s average was the lowest since 30-year mortgages were at 5.66 percent the week of July 14, 2005.
Other types of mortgages also showed declines this week.
Rates on 15-year mortgages, a popular choice for refinancing, dropped to 5.21 percent this week, down from 5.43 percent last week.
Rates on five-year adjustable-rate mortgages declined to 5.40 percent, compared to 5.63 percent last week while rates on one-year ARMs fell to 5.26 percent, down from 5.37 percent last week.
It marked the first time that the 15-year rate has fallen below one-year adjustable-rate mortgages in seven years.
A year ago, 30-year mortgages stood at 6.23 percent while rates on 15-year mortgages were at 5.98 percent. Five-year adjustable-rate mortgages averaged 6.04 percent and one-year ARMs were at 5.51 percent this time a year ago.
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