30-Year Mortgage Rates Slip to 6.74%

Rates on 30-year fixed-rate mortgages slipped to a nationwide average of 6.74% this week from 6.79% last week, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, fell to an average of 6.37% from 6.44% last week. Rates on one-year adjustable-rate mortgages slipped to 5.75% from 5.83% last week. Rates on five-year adjustable-rate mortgages declined to 6.33% from 6.39% last week.

The mortgages rates do not include add-on fees known as points. The 30-year mortgages carried a nationwide average fee of 0.6 point this week, while the average fee for 15-year mortgages was 0.4 point. The five-year ARM had an average fee of 0.5 point and the one-year ARM carried a fee of 0.6 point.