Mortgage rates drop again
WASHINGTON (AP) — Rates on 30-year mortgages dipped slightly this past week, the fifth decline in the past six weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.67 percent, down from 5.68 percent the previous week. The 30-year mortgage, which ended last year at 6.17 percent, has been below 6 percent for five weeks, a stretch that has not been seen since 2005. Analysts attributed the declines in mortgage rates to growing fears that the country could be slipping into a recession. Other mortgage rates also declined this past week. Rates on 15-year mortgages, a popular choice for refinancing, dipped to 5.15 percent, compared with 5.17 percent the previous week. Rates on five-year adjustable-rate mortgages declined to 5.21 percent, down from 5.32. One-year adjustable-rate mortgages fell to 5.03 percent, down from 5.05 percent.
