30-Year Fixed-Rate Mortgages Fall to 6.3%

Average rates on 30-year fixed-rate mortgages fell to 6.3% this week, down slightly from 6.31% last week and the lowest level since the first week of March, when they were 6.24%, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.98% this week, unchanged from last week. Rates on one-year adjustable-rate mortgages fell to 5.46%, down from 5.47% last week. Rates on five-year adjustable-rate mortgages were unchanged at 6%.

The mortgage rates do not include add-on fees known as points. For a 30-year mortgage, the nationwide average fee was 0.3 of a point, and the 15-year mortgage carried a fee of 0.4 of a point. For a one-year ARM, the fee was 0.7 of a point; for the five-year ARM, 0.5 of a point.