Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets.

Rates on 30-year, fixed-rate mortgages averaged 6.04 percent this week, down from 6.14 percent last week, Freddie Mac reported. For 15-year, fixed loans, rates dropped to 5.73 percent from 5.81 percent. Rates on five-year, adjustable-rate mortgages fell to 5.87 percent from 5.98, while one-year ARMs edged down to 5.29 percent from 5.33 percent.

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