Rates Decline on 30-Year Mortgages

Freddie Mac’s weekly survey of mortgage rates showed that rates on 30-year fixed-rate mortgages averaged 5.77% for the week ended Thursday. That was down from last week’s 5.81%.

Rates on 15-year fixed-rate mortgages, a popular option for refinancing, declined this week to 5.21%, from 5.23% last week. For one-year adjustable-rate mortgages, rates fell to 4.1% this week from 4.19%.

Freddie Mac added another type of mortgage to its weekly survey: a five-year “hybrid” adjustable-rate mortgage. The rate is fixed for five years and then adjusts each year thereafter. The rate on that mortgage averaged 5.03% this week.

The 30-year and one-year adjustable mortgages each carried a 0.7-point fee. Fifteen-year mortgages carried a 0.6-point fee and five-year adjustables carried a 0.5-point fee.