30-Year Mortgage Rates Drop Slightly to 6.21%

Rates on 30-year, fixed-rate mortgages dropped to 6.21% this week, down slightly from last week’s average rate of 6.22%, mortgage company Freddie Mac reported.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 5.76% this week, unchanged from last week. One-year adjustable-rate mortgages edged up to 5.16%, compared with 5.15% last week. Rates on five-year hybrid adjustable-rate mortgages averaged 5.78%, down a notch from last week’s 5.79%.

The nationwide averages for mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried an average fee of 0.5 point. Five-year hybrid adjustables and one-year ARMs each had a fee of 0.7 point.