Mortgage rates were generally down this week, with the 5/1 adjustable-rate mortgage falling significantly.

The average 30-year fixed-rate mortgage dropped 9 basis points, to 6.53 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- fell 10 basis points, to 6.09 percent. The average jumbo 30-year fixed slipped 3 basis points, to 7.69 percent.

The one-year adjustable-rate mortgage rose 1 basis point, to 6.28 percent. The popular 5/1 ARM fell 19 basis points, to 6.09 percent.

Mortgage applications rose for only the second time in the past seven weeks, according to the Mortgage Bankers Association. For the week ending June 27, applications rose a seasonally adjusted 3.6 percent when compared with one week earlier.

Refinancing grew by 4.7 percent while applications for new purchases increased by 2.8 percent.

-- Chris Kissell

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