Two Mortgage Rates Drop to 6-Week Lows

The average interest rate on 30-year fixed-rate mortgages fell to a six-week low of 6.74% this week from 6.78% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, averaged 6.37% this week, down from 6.42% and also a six-week low. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.57%, the same as last week. The rates do not include add-on fees known as points, which averaged about 1% of the loan amount for all three types of mortgages.