Update on rates from the Florida Association of Realtors.
Rates on 30-year mortgages fell for the last three wees, dropping to the lowest level in five months.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dropped to 6.24 percent this week, down from 6.26 percent last week.
It has been declined for the last three consecutive weeks after rates hit 6.40 percent. Analysts associate the decreases to mounting evidence that the economy is starting to slow.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.90 percent, down from 5.91 percent last week.
Rates on five-year adjustable rate mortgages averaged 5.89 percent, down from 5.98 percent last week.
Rates on one-year ARMs dropped to 5.50 percent, down from 5.57 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year fixed-rate mortgages carried a nationwide average fee of 0.4 point while 15-year mortgages and five-year adjustable-rate mortgages carried an average fee of 0.5 point. The one-year ARM carried an average fee of 0.6 point.
A year ago, 30-year mortgages stood at 6.33 percent, 15-year mortgages were at 6.04 percent, five-year ARMS averaged 6.08 percent and one-year ARMs were at 5.55 percent.