Mortgage rates fall near six-month low

NEW YORK (CNNMoney.com) -- Signs that the economy may be slowing ahead helped push mortgage rates near a six-month low, Freddie Mac reported Thursday.

The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.26 percent for the week ended Nov. 1, down from 6.33 percent last week.

The 30-year rate has not been this low since the week ending May 17, 2007.

Last year at this time, 30-year mortgage rates averaged 6.31 percent.

"October's consumer confidence fell to its lowest level since October 2005 as mortgage rates continued to decline this week to their lowest level in almost six months," said Frank Nothaft, Freddie Mac's (Charts, Fortune 500) chief economist.

"Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks," he added.

In its latest report, Freddie Mac said rates on 15-year fixed-rate loans averaged 5.91 percent in the latest week, down from 5.99 percent last week. A year ago, the 15-year rate averaged 5.87 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, down from 6.03 percent last week. A year ago, the 5-year ARM averaged 6.05 percent.

One-year ARMs averaged 5.57 percent this week, down from 5.66 percent last week. They were at 5.53 percent this time last year.