NEW YORK (CNN/Money) -
Long-term mortgage rates fell for the fifth straight week, Freddie Mac said Thursday, adding that low mortgage rates will ensure that housing activity will continue to flourish.
The average rate on 30-year fixed-rate mortgages fell to 5.75 percent this week, with an average 0.6 point payable up front, down from 5.78 percent last week, Freddie Mac said.
Last year at this time, the rate on the 30-year fixed-rate loan stood at 6.12 percent.
The 15-year mortgage rate averaged 5.31 percent, with an average 0.6 point payable up front, down from 5.33 percent the week before. The loan averaged 5.47 percent a year ago.
"Long-term mortgage rates, which dropped again for the fifth consecutive week, remain low enough to keep refinancing activity a viable option for many," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Not only can homeowners take some equity out of their home, many may also be able to lower their mortgage rate at the same time," he said.
Five-year adjustable-rate mortgages (ARMs) averaged 5.16 percent, with an average 0.6 point payable up front, down from 5.20 percent the week before. There is no data available for a year-to-year comparisons since Freddie Mac only began tracking this loans this year.
One-year adjustable rate mortgages (ARMs) averaged 4.22 percent, with an average 0.7 point payable up front, up very slightly from last week when it averaged 4.21 percent. At this time last year, the one-year ARM rate averaged 3.76 percent.
Freddie Mac's (Research) average mortgage rates are based on a survey of 125 lenders nationwide.
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