BUSINESS BRIEFING / THE ECONOMY

The average rate on a 30-year fixed-rate mortgage dropped to 5.04% this week from 5.16% last week, mortgage company Freddie Mac said. A year ago, the rate averaged 6.04%.

The average rate this week on a 15-year fixed-rate mortgage was 4.68%, down from 4.81% last week. Average rates on five-year, adjustable-rate mortgages declined to 5.04% from 5.23%. One-year, adjustable-rate mortgages fell to 4.80% from 4.94%.

These rates do not include add-on fees known as points. The nationwide fee for 30-year mortgages averaged 0.7 point this week. The fee for 15-year mortgages averaged 0.6 point.