Mortgage rates fell modestly across the board this week.

The average 30-year fixed-rate mortgage fell 8 basis points, to 6.66 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- fell 8 basis points, to 6.18 percent. The average jumbo 30-year fixed slipped 6 basis points, to 7.62 percent.

The one-year adjustable-rate mortgage ticked down 1 basis point, to 6.24 percent. The popular 5/1 ARM fell 8 basis points, to 6.26 percent.

Mortgage applications fell a seasonally adjusted 1.5 percent from the previous week, according to the Mortgage Bankers Association.

For the week ending Aug. 15, refinancing activity fell by 3.7 percent, while applications for new purchases slipped 0.4 percent.

In other housing news, a Census Bureau report found that home building in July fell to its lowest level in 17 years.

-- Chris Kissell

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