30-year mortgage rates drop to 6.14%

Average rates on 30-year fixed-rate mortgages fell to 6.14% this week, down from 6.18% last week and the lowest since the week of Jan. 26, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.87%, down from 5.91% last week. For one-year adjustable-rate mortgages, rates fell to 5.46%, down from 5.49% last week. Five-year adjustable-rate mortgages dropped to 5.95% from 5.99%.

These rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.4 point. One-year and five-year ARMs both carried a fee of 0.5 point.