30-year fixed rates decline to 6.47%

Average rates on 30-year fixed-rate mortgages fell to 6.47% this week from 6.52%, the rate for the previous three weeks, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, fell to 6% from 6.07% last week. Five-year adjustable-rate mortgages averaged 5.99% this week, down slightly from 6.02% last week. One-year, adjustable-rate mortgages bucked the downward trend, showing an increase to 5.29%, up from 5.18% last week.

These rates do not include add-on fees known as points. The nationwide average fee for 30-year mortgages and 15-year mortgages was 0.7 point. Five-year mortgages had an average fee of 0.6 point, while one-year mortgages carried an average fee of 0.5 point.