US Mortgage Rates Fall for Third Week

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Average U.S. mortgage rates fell for the third consecutive week, amid decreasing consumer confidence and the recent federal government shutdown, according to Freddie Mac. 

The new average for a 30-year fixed rate mortgage is 4.22 percent, down from the nine-week record low 4.32 percent last week and at its lowest level since June. 

"Consumer sentiment fell for the second month in a row in September to its lowest reading since April, according to the University of Michigan," Frank Nothaft, vice president and chief economist of Freddie Mac, said in the release. "Moreover, a recent Bloomberg survey of professional forecasters suggests that a partial federal shutdown lasting one week would shave 0.1 percentage points off of GDP growth in the fourth quarter and even more if the shutdown lasts longer."

The average 15-year fixed-rate mortgage averaged 3.29 percent, down from 3.37 percent last week. A year ago the average was 2.69 percent.  

One-year treasury-indexed ARM averaged 2.63 percent, unchanged from last week.