The average rate on a 30-year fixed-rate mortgage this week was 5.22%, down from 5.25% last week, mortgage company Freddie Mac said. Last year at this time, the rate averaged 6.52%.
The average rate on a 15-year fixed-rate mortgage fell to 4.63% from 4.69%. Five-year adjustable-rate mortgages averaged 4.73%, down from 4.75%, while one-year adjustable mortgages dropped to 4.78% from 4.80%.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.6 of a point for every loan in the survey except for one-year adjustable rate mortgages, which averaged 0.5 of a point.