U.S. 30-, 15-year mortgage rates fall in latest week

WASHINGTON, Oct 9 (Reuters) - U.S. 30- and 15-year mortgage rates fell in the latest week, according to a survey released on Thursday by home funding company Freddie Mac.

U.S. 30-year mortgage rates fell to an average of 5.94 percent from 6.10 percent last week, while 15-year mortgages dipped to an average of 5.63 percent from 5.78 percent last week.

One-year adjustable rate mortgages, or ARMs, inched upward in the week to an average of 5.15 percent from 5.12 percent last week.

Freddie Mac said the "5/1" ARM, set at a fixed rate for five years and adjustable each following year, fell to an average of 5.90 percent from 6.00 percent a week earlier.

A year ago, 30-year mortgage rates averaged 6.40 percent, 15-year mortgages 6.06 percent and the one-year ARM 5.73 percent. The 5/1 ARM averaged 6.12 percent.

"Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

On Wednesday the National Association of Realtors said U.S. August pending sales of existing homes rose 7.4 percent to 93.4 -- the highest reading since 101.4 in June 2007 -- following a 2.7 percent drop in July.

Lenders charged an average of 0.6 percent in fees and points on 30- and 15-year mortgages and the 5/1 ARM, all unchanged from last week. They also charged 0.6 percent on the one-year ARM, up from 0.5 percent last week.

Freddie Mac is a mortgage finance company chartered by Congress that buys mortgages from lenders and packages them into securities to sell to investors or to hold in its own portfolio. (Reporting by Melissa Bland; Editing by Tom Hals)