Rates on 30-Year Mortgages Slide

Mortgage giant Freddie Mac said its weekly survey showed that rates on 30-year, fixed-rate mortgages averaged 5.56%, down from 5.62% last week.

For 15-year, fixed-rate mortgages, rates dipped to 5.14% this week, down from 5.2% last week. Rates on one-year adjustable rate mortgages fell to 4.21% after rising slightly to 4.26% last week. For five-year hybrid adjustable rate mortgages, rates fell to 5.01%, down from 5.1% last week.

The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year mortgage carried a nationwide average fee of 0.6 point, while the 15- and five-year mortgages both had fees of 0.5 point and the one-year ARM had an average fee of 0.7 point.