Mortgage rates drop

Rates on 30-year, fixed-rate mortgages averaged 6.20% this week, down sharply from 6.46% last week, mortgage company Freddie Mac said.

For 15-year, fixed-rate mortgages, which are popular with people who are refinancing, average rates dropped to 5.88% compared with 6.19% last week. Five-year, adjustable-rate mortgages fell to 6.19% from 6.36%. One-year, adjustable-rate mortgages decreased to 5.25% from 5.38%.

These rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 point last week. The fee on five-year, adjustable-rate mortgages averaged 0.6 point, and the fee on one-year adjustable-rate mortgages averaged 0.4 point.