30-Year Mortgage Rates Drop Again

The average interest rate on 30-year fixed-rate mortgages fell to 6.63% this week, down from 6.71% the previous week, mortgage company Freddie Mac said. It was the lowest level since the week ended Nov. 16, when 30-year rates averaged 6.51%.

Fifteen-year mortgages, a popular option for refinancing, dropped to 6.08% this week, down from 6.17% the week before.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.6%, down from 4.67% the previous week. This week’s rate was the lowest since the week ended March 11, 1994, when rates on one-year ARMs averaged 4.51%.

These rates do not include add-on fees known as points, which carried an average 0.5 percentage point for each loan type.