Rates on 30-Year Mortgages Slip to 6.31%

Rates on 30-year, fixed-rate mortgages fell to 6.31% this week, down from 6.40% last week, mortgage company Freddie Mac said.

Rates on 15-year, fixed-rate mortgages averaged 5.98%, down from 6.06% last week. For one-year adjustable-rate mortgages, rates dipped to 5.47%, down from 5.54% last week. Rates on five-year adjustable-rate mortgages fell to 6% this week, down from 6.08% last week.

The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year fixed-rate mortgages both carried a nationwide average fee of 0.4 point while one-year ARMs carried a fee of 0.6 point and five-year ARMs carried an average fee of 0.5 point.