Mortgage Rates Fall to Lowest Since Spring

Rates on 30-year fixed-rate mortgages averaged 5.64% this week, down from 5.69% last week and the lowest level since they averaged 5.52% for the week ended April 1, mortgage company Freddie Mac said.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates dropped to 5.01% compared with 5.07% last week. For one-year adjustable-rate mortgages, rates fell to 3.96%, down from 4.02% last week. Both were the lowest levels since the spring.

The nationwide averages for mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a 0.7-point fee. One-year mortgages had a 0.8-point fee.