Mortgage rates decline this week

Rates on 30-year fixed-rate mortgages averaged 6.37% this week, down from 6.42% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.03%, down from 6.09% last week. Rates on five-year adjustable-rate mortgages averaged 6.11%, down from 6.15%. One-year adjustable-rate mortgages averaged 5.58%, down from 5.6%.

The rates do not include add-on fees known as points. Thirty-year, 15-year and five-year mortgages all carried a nationwide average fee of 0.5 of a point, and one-year adjustable-rate mortgages had an average fee of 0.6 of a point.