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by CareyBot

Long-term mortgage rates dropped for the third consecutive week, as increasing oil and gas prices created economic uncertainty, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.71 percent for the week ended today, down from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.32 percent, down from last week when it averaged 5.35 percent. Points on the 30-year averaged 0.6, while points on the 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5 percent this week, with an average 0.6 point, unchanged from last week. The one-year Treasury-indexed ARM averaged 4.48 percent this week, with an average 0.7 point, down...