Mortgage Rates Decline Again

Mortgage rates dropped for the fifth consecutive month in December while home buyers’ acceptance of adjustable-rate mortgages took an even sharper nose dive, the government reported Monday.

The Federal Home Loan Bank Board said a nationwide survey of major mortgage lenders showed that the rate being charged for the average fixed-rate mortgage dipped to 13.82% in early December, down from 14.10% in November.

The most popular type of adjustable-rate mortgage fell to 12.16% in December from 12.42% in November.

The percentage of mortgages written with adjustable rates dropped to the lowest level in 14 months--50% of mortgages closed in December, compared to 60% in November.