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MORTGAGE RATES DECLINE

Rates on 30-year mortgages fell for the first time in two months.

In its weekly nationwide survey, mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 5.93 percent this week, down from 6.04 percent last week.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, fell to 5.48 percent this week, down from 5.58 percent last week.

Rates on one-year adjustable-rate mortgages fell to 4.23 percent this week, down from 4.33 percent last week.

Five-year hybrid adjustable rate mortgages averaged 5.33 percent this week, down from 5.43 percent last week. These hybrid mortgages have a fixed-rate for five years and then adjust each year after that.

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