Mortgage rates drop for third straight week - WKOW 27: Madison, WI Breaking News, Weather and Sports

Mortgage rates drop for third straight week

WASHINGTON (AP) -- The cost of financing a home purchase is dropping.

  Mortgage finance giant Freddie Mac says the average for 30-year, fixed-rate mortgages dropped to 6.04 percent this week, down from 6.14 percent last week. Rates hit a recent high of 6.46 percent in mid-Oct.

  Other types of mortgages are also seeing lower rates this week.

  For 15-year, fixed-rate mortgages, the average was 5.73 percent.

  That's down from 5.81 percent last week.

  Rates on five-year, adjustable-rate mortgages fell to 5.87 percent, from 5.98 percent last week.

  Rates on one-year, adjustable-rate mortgages edged down to 5.29 percent, from 5.33 percent last week.

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