Mortgage rates fall for 3rd straight week

Washington -- Interest rates for 30-year, fixed-rate U.S. mortgages fell for the third consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 6.04 percent with an average 0.7 points in the week ending Nov. 20, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 6.14 percent. A year ago, they averaged 6.2 percent.

At 5.73 percent with an average 0.7 points, the 15-year, fixed-rate average also declined, dropping from the previous week's average of 5.81 percent. A year ago, 15-year fixed-rate mortgages averaged 5.83 percent, the report said.

Rates fell "amid continuing signs of a slowing economy," said Frank Nothaft, Freddie Mac vice president and chief economist.

Copyright 2008 by United Press International.