Rates on 30-, 15-Year Mortgages Decline

Rates on 30-year fixed-rate mortgages fell to a nationwide average of 6.72%, down from 6.8% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, fell to 6.34% from 6.41% last week. Rates on one-year adjustable-rate mortgages dropped to 5.78% from 5.8% last week. Rates on five-year adjustable-rate mortgages slipped to 6.35% from 6.36% last week.

These rates do not include add-on fees known as points. The five-year and 15-year mortgages carried a nationwide average fee of 0.4 point. The 30-year mortgage had a nationwide average fee of 0.3 point and the one-year mortgage carried a fee of 0.7 point.