Mortgage rates fell sharply this week, bucking a recent trend of slow but steady rises.

The average 30-year fixed-rate mortgage plunged 17 basis points, to 6.02 percent. A basis point is one-hundredth of a percentage point. Prior to this week, the 30-year fixed had risen five times in six weeks.

The average 15-year fixed -- a popular option for refinancing -- fell 15 basis points, to 5.63 percent. The average jumbo 30-year fixed slipped 12 basis points, to 7.29 percent.

The one-year adjustable-rate mortgage plummeted a whopping 77 basis points, to 6.12 percent. The popular 5/1 ARM fell a more modest 15 basis points, to 5.71 percent.

Mortgage applications fell for the week ending May 16. Applications were down a seasonally adjusted 7.8 percent from the week before, according to the Mortgage Bankers Association.

Refinancing was down 8.7 percent while applications for new purchases fell 6.9 percent.

-- Chris Kissell

 See mortgage rates in your area.