Rates on 30-year fixed-rate loans sliped to 6.26% on weak consumer confidence and other economic worries.

The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 6.26 percent for the week ended Nov. 1, down from 6.33 percent last week. 

The 30-year rate has not been this low since the week ending May 17, 2007.

Last year at this time, 30-year mortgage rates averaged 6.31 percent.

Rates on 15-year fixed-rate loans averaged 5.91 percent in the latest week, down from 5.99 percent last week. A year ago, the 15-year rate averaged 5.87 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, down from 6.03 percent last week. A year ago, the 5-year ARM averaged 6.05 percent.

One-year ARMs averaged 5.57 percent this week, down from 5.66 percent last week. They were at 5.53 percent this time last year.