Mortgage rates eased off last week's eight-month high with 30-year fixed mortgage rates falling 14 basis points to 5.07% with an average 0.6 point. 

Also significantly lower were 15-year fixed rates which dropped 12 basis points to 4.40%, while 5/1 hybrid ARM rates plunged 17 basis points to 4.08%. Meanwhile, one-year ARMs averaged 4.13% compared to 4.14% last week.

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