Mortgage rates slipped this week, with the 5/1 ARM continuing to fall.

The average 30-year fixed rate dropped 16 basis points, to 5.96 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- fell 14 basis points, to 5.56 percent. The average jumbo 30-year fixed slid 14 basis points, to 7.38 percent.

Adjustable-rate mortgages followed the trend. The one-year adjustable-rate mortgage was down 6 basis points, to 6.31 percent.

Meanwhile, the popular 5/1 ARM slipped 9 basis points, to 5.95 percent. The 5/1 ARM has now fallen 49 basis points in three weeks.

Mortgage application activity fell for the week ending April 4. Application volume fell a seasonally adjusted 5.4 percent, according to the Mortgage Bankers Association.

-- Chris Kissell

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