30-Year Mortgage Rates Decline for Sixth Week

Rates on 30-year, fixed-rate mortgages averaged 5.57% for this week, down from 5.63% last week and the lowest since April, mortgage company Freddie Mac said.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, fell to 5.10%, down from 5.14% the previous week. Rates on one-year adjustable-rate mortgages dipped to 4.11%, down from 4.23% last week.

Five-year hybrid adjustable-rate mortgages averaged 4.99%, down from 5% last week. These mortgages have a fixed rate for five years and then adjust each year after that.

The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year and one-year mortgages each carried 0.8 point while the 15-year and five-year ARMs carried a fee of 0.7 point.