Mortgage Rates

  Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets.  Freddie Mac reported Thursday that rates on a 30 year fixed rate mortgage averaged 6.04 percent last week, down from 6.14 percent the previous week.  It marked a sharp decline since rates hit a a recent high of 6.46 percent during the week of October 16, 2008.
     Concerns about the economy and worries over the fate of Detroit automakers have caused Wall Street’s major stock indexes to hit levels not seen since 2003, sending investors swiftly into government debt.
     Thirty year mortgages rates hit a high for the year of 6.63 percent in late July and then dropped to seven month low of 5.78 percent and for the week of September 18, shortly after the government took control of Freddie Mac and Fannie Mae.