Rates Decline on 30-Year Mortgages

Rates on benchmark 30-year, fixed-rate mortgages declined to 6.28%, down from 6.32% last week, mortgage giant Freddie Mac said. This time a year ago rates on 30-year mortgages averaged 5.26%.

Rates for 15-year, fixed-rate mortgages fell to 5.63%, compared with 5.69% last week. A year ago, rates on 15-year mortgages averaged 4.66%. For one-year, adjustable-rate mortgages, rates rose to 3.98% from 3.87% last week.

The nationwide averages for mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried an average fee of 0.7 point this week. One-year ARMs carried an average fee of 0.6 point.