Rates on 30-Year Mortgages Fall to 5.62%

Mortgage giant Freddie Mac said its weekly nationwide survey showed that rates on 30-year, fixed-rate mortgages averaged 5.62%, down from 5.65% last week.

For 15-year, fixed-rate mortgages average rates fell to 5.20% this week, down from 5.21% last week. Rates on one-year adjustable-rate mortgages edged up to 4.26% from 4.21% the previous week. And rates on five-year hybrid adjustable-rate mortgages rose to 5.10% from 5.07% last week.

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