The average rate on a 30-year fixed-rate mortgage was 5.07 percent this week, down from 5.21 percent a week earlier, mortgage company Freddie Mac said Thursday. Last week's average rate for a 30-year fixed mortgage had been the highest since mid-August, when it was 5.29 percent.

This week, the average rate on a 15-year fixed-rate mortgage was 4.40 percent, down from 4.52 percent. Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.
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