Mortgage rates in American fell this week as consumers cut their spending amid an economic downturn and a major slump in the labor market.

Mortgage finance firm Freddie Mac said that 30-year fixed-rate US mortgages averaged 6.2% this week, which is down from the previous week’s 6.46% and below. Rates on 15-year fixed-rate loans fell to 5.88% from 6.19% last week. A year ago, the rate was 5.9%.

Five-year adjustable-rate mortgages fell to 6.19%, from 6.36% last week. A year ago, the rate was 5.89%. The rate on a one-year adjustable-rate mortgage fell to 5.25% from 5.38% last week. At this time last year, the rate was 5.5%.

Rates for 30-year fixed-rate mortgages have been at 6% or higher for four straight weeks. Between the week of 9 th October and 16 th October, 30-year mortgages saw their biggest weekly jump since April 1987, rising from an average 5.94% to 6.46%.