Rates on 15-, 30-Year Mortgages Decline

Average rates on 30-year, fixed-rate mortgages fell to 6.48%, down from 6.52% last week and the lowest since they averaged 6.43% the week of April 6, mortgage company Freddie Mac said.

Rates on 15-year, fixed-rate mortgages averaged 6.18% this week, down from 6.20% last week. For one-year adjustable-rate mortgages, rates fell to 5.60% from 5.65% last week. Rates on five-year adjustable-rate mortgages declined to 6.14% this week from 6.18% last week.

The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages carried an average fee of 0.4 of a point. One-year adjustable loans carried an average fee of 0.7 of a point and five-year adjustables had an average fee of 0.5 of a point.