30-Year Mortgage Rate Drops to 6.76%

The average interest rate on 30-year fixed-rate mortgages declined to 6.76% this week, down from 6.81% the previous week, mortgage company Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, fell to 6.22%, down from 6.28% last week.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.76%, down from 4.85%. These rates do not include add-on fees known as points, which averaged about 0.7% of the loan amount for all three types of mortgages.