Long-Term Mortgage Rates Sink to 5.53%

Rates on 30-year mortgages sank this week to their lowest level in more than a year.

Freddie Mac said its weekly nationwide survey showed that rates on 30-year, fixed-rate mortgages averaged 5.53%, down from 5.57% last week.

Rates on 15-year, fixed-rate mortgages fell this week to 5.12%, compared with 5.16% last week. Rates on one-year adjustable-rate mortgages rose to 4.24%, up from 4.23%. Rates on five-year hybrid adjustable mortgages increased to 5.06% from 5.05%.