30-year mortgage rates slip

Rates on 30-year fixed-rate mortgages averaged 5.85% this week, down slightly from 5.87% last week and the second consecutive week below 6%.

Fifteen-year fixed-rate mortgages, a popular choice for refinancing, rose to 5.34% from 5.27% last week. Five-year adjustable-rate mortgages rose to 5.67%, up from 5.56%. One-year adjustable-rate mortgages rose to 5.24%, up from 5.15% last week.

The rates do not include add-on fees known as points. For 30-year and 15-year mortgages, the nationwide average fee was 0.4 of a point. Five-year mortgages carried a 0.6-of-a-point average fee, and one-year mortgages averaged 0.5 of a point.