The average rate for 30-year home loans fell last week to 5.73 percent from 6.05 percent the previous week, the Mortgage Bankers Association said today.

Fifteen year loans average 5.21 percent in the week that ended Jan. 4, down from 5.61 percent the last week in December, the MBA said.

Lower rates can make it easier for people with adjustable-rate loans to refinance into a fixed-rate loan, said Sterling Thomas, vice president of the Utah Housing Corp. in Salt Lake City. A number of people who took out adjustable-rate loans in recent years face higher payments this year as their loans reset.

Lower rates mean lower monthly payments, he said.

On a $200,000 loan at 6.05 percent, the monthly principal and interest payment would be $1,206, Thomas said. At 5.73 percent, the monthly payment would be $41 less, or $1,165.

The lower rates can help people who can't otherwise qualify at higher rates, he said. "It can also help someone buy something just a little bigger. Instead of a two-bedroom home, they may be able to get one with three."