Washington D.C. - Mortgage rates fell for the third straight week after rising substantially over the previous two months, according to Freddie Mac, the government-sponsored loan buyer. They reported the average rate on a 30-year fixed-rate loan declined to 6.59 percent for the week ending August 9,2007 -- from 6.68 percent the previous week.
Both the tightening of underwriting standards and slackening house price appreciation are possible contributing factors to the declione.
In its latest report, Freddie Mac said that rates on 15-year fixed-rate loans averaged 6.25 percent, five-year adjustable-rate mortgages (ARMs) averaged 6.33 percent and one-year ARMs averaged 5.65 percent.
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