30-year fixed-rate mortgages drop to 6.31%

Average rates on 30-year fixed-rate mortgages dropped to 6.31% this week, down from 6.4% last week and the lowest level in four weeks, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages averaged 6.02%, down from 6.1% last week. Rates on one-year adjustable-rate mortgages fell to 5.53%, compared with 5.6% last week. Rates on five-year adjustable-rate mortgages fell to 6.05%, down from 6.14% last week.

The rates do not include add-on fees known as points.