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MORTGAGE RATES DROP AGAIN

Mortgage rates declined again this week, with 30-year mortgages dropping to the lowest level since early April, providing more of a boost to the housing industry.

Rates on 30-year, fixed-rate mortgages averaged 5.64 percent for the week ending Oct. 28, Freddie Mac said. That was down from 5.69 percent last week and was the lowest level since they averaged 5.52 percent for the week ending April 1.

For 15-year, fixed-rate mortgages, a popular option for refinancing, rates dropped this week to 5.01 percent compared with 5.07 percent last week. For one-year, adjustable rate mortgages, rates fell to 3.96 percent, down from 4.02 percent last week.

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