30-Year Mortgage Rates Fall to 5.57%

Rates on 30-year mortgages resumed their decline this week, falling for the 10th time in the last 12 weeks.

Mortgage giant Freddie Mac said its weekly survey showed that rates on 30-year, fixed-rate mortgages averaged 5.57%, down from 5.63% last week and marking their second-lowest level this year.

For 15-year, fixed-rate mortgages, a popular option for refinancing, rates fell to 5.16% from 5.22% last week. Rates on one-year adjustable-rate mortgages fell to 4.23% from 4.25% last week. For five-year hybrid adjustable rate mortgages, rates fell to 5.05% from 5.10%.