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NEW YORK (CNN/Money) -
Long-term mortgage rates fell this week for the ninth week out of the last ten, mortgage finance firm Freddie Mac said Thursday.
The rate on 30-year, fixed-rate loans averaged 5.62 percent this week, with an average 0.6 point payable upfront, down from last week's average of 5.65 percent, according to the mortgage finance firm's survey.
A year ago, the 30-year fixed-rate loan averaged 6.28 percent.
Freddie Mac said the average for the 15-year mortgage edged lower to 5.20 percent this week from 5.21 percent the previous week, with an average 0.6 point payable upfront.
The 15-year loan averaged 5.63 percent this time last year.
"Improvements in the job market and rising wages will likely put upward pressure on mortgage rates in the coming months," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, the same growth in income will partially offset any rise in rates, enabling housing to continue to be a healthy industry."
The mortgage finance firm added that it expects May home sales to remain strong, given last month's low rates.
Five-year, adjustable-rate mortgages inched higher to an average 5.10 percent this week, with an average 0.5 point payable up front, up from last week's average of 5.07 percent.
There is no data available for year-over-year comparisons since Freddie Mac only began tracking these rates this year.
One-year, adjustable-rate mortgages also rose to average 4.26 percent this week, with an average 0.6 point payable up front, up from the previous week when it averaged 4.21 percent.
At this time last year, the one-year adjustable-rate loan averaged 3.98 percent.
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