30-Year Mortgage Rate Slips to 6.34%

Rates on 30-year, fixed-rate mortgages averaged 6.34% this week, down slightly from 6.37% last week, mortgage company Freddie Mac said.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a mortgage, averaged 5.98%, down from 6% last week. One-year adjustable-rate mortgages fell to 5.37%, down from 5.45% last week. Rates on five-year hybrid adjustable-rate mortgages dropped to 5.93%, down from 6.03% last week.

The mortgage rates do not include add-on fees known as points. The one-year ARM carried an average fee of 0.8 point, while the other three mortgage categories carried nationwide average fees of 0.7 point.