Mortgage rates dropped for the fifth week in a row. They were reacting to slow economic growth and the news that home sales slid down 4.1 percent compared to June. The average 30-year fixed rate fell to 6.48 percent from 6.51 percent. The average 15-year fixed, which is a popular option for refinancing, fell to 6.19 percent. The average jumbo 30-year fixed fell to 6.74 percent from 6.77 percent. Popular for refinancing, the Adjustable-rate mortgages also fell. 5/1 ARM dropped to 6.24 percent, while the 1-year ARM fell to 6 percent.
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