Mortgage Rates Decrease This Week

The average rate on 30-year, fixed-rate mortgages fell to 5.88% this week, down from 6.02% last week, Freddie Mac reported.

For 15-year fixed-rate mortgages, a popular option for refinancing, the average rate dropped to 5.24%, down sharply from 5.36% last week. Rates for one-year adjustable mortgages averaged 3.77%, unchanged for the third straight week.

These rates do not include add-on fees known as points. Thirty-year loans carried an average fee of 0.7 point this week.