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Mortgage rates drop for third straight week - Live5News.com | Charleston, SC | News, Weather, Sports

Mortgage rates drop for third straight week

Mortgage rates dropped to 4.22 percent this week for a 30 year fixed rate mortgage. (Source: CNN) Mortgage rates dropped to 4.22 percent this week for a 30 year fixed rate mortgage. (Source: CNN)

(CNN) - Mortgages just got more affordable. Rates have tumbled for the third straight week, according to Freddie Mac.

The average interest rate for the most popular kind of home loan, the 30 year fixed rate, fell to 4.22 percent.

That's down from 4.32 a week earlier.

Rates have dropped since the Federal Reserve unexpectedly announced that it would not alter its bond-buying stimulus program.

Analysts also attribute the drop to economic uncertainty amplified by the government shutdown.

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