As investors wait to see what the Federal Reserve will do next week with interest rates, 30-year mortgage rates fell for the fourth week in a row.

As of Thursday rates on 30-year, fixed rate mortgages averaged 5.66 percent for the week ending Jan. 27, according to a weekly survey by Freddie Mac.

Fed policy-makers will hold their first meeting of 2005 next Tuesday and Wednesday. Most believe they will increase a key short-term rate for the sixth time since last June.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, dipped this week to 5.14 percent. Rates on one-year adjustable-rate mortgages were 4.18 percent this week.

Five-year hybrid adjustable rate mortgages averaged 5.02 percent this week.

A year ago, rates on 30-year mortgages averaged 5.68 percent with 15-year mortgages at 4.97 percent and one-year ARMs at 3.59 percent.