Mortgage rates declined for the third time in the past four weeks, with the average 30-year fixed mortgage rate dropping to 6.20 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.32 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing fell back below the 6 percent mark, settling at 5.95 percent. On larger loans, the average jumbo 30-year fixed rate dipped to 6.41 percent. Adjustable rate mortgages were in on the act too, with the average 5/1 ARM sinking to 6.03 percent and the average one-year ARM sliding to 5.99 percent.