Mortgage Rates Fall Across the Board

From the Associated Press:
Rates on 30-year mortgages fell for the third straight week, dropping to the lowest level in five months, Freddie Mac reported in its nationwide survey. Analysts attributed the decreases to mounting evidence that the economy is starting to slow.

Thirty-year fixed-rate mortgages dipped to 6.24 percent this week from 6.26 percent last week. Rates on 15-year fixed-rate mortgages edged down to 5.90 percent from 5.91 percent. Rates on five-year adjustable-rate mortgages fell to 5.89 percent from 5.98 percent. Rates on one-year ARMs dropped to 5.50 percent from from 5.57 percent.

Not included in the rates are add-on fees known as points. Thirty-year fixed-rate mortgages carried a fee of 0.4 point, while 15-year fixed-rate and five-year adjustable-rate mortgages carried a fee of 0.5 point. The one-year ARM carried a fee of 0.6 point.