Mortgage rates moved modestly down this week.

The average 30-year fixed-rate mortgage slipped 6 basis points, to 6.42 percent. A basis point is one-hundredth of a percentage point.

The 30-year fixed has now fallen for three consecutive weeks, marking only the second time this year the rate has fallen three weeks in a row.

The average 15-year fixed -- a popular option for refinancing -- also fell 6 basis points, to 5.95 percent. The average jumbo 30-year fixed was unchanged at 7.64 percent.

The one-year adjustable-rate mortgage rose 4 basis points, to 6.21 percent. The popular 5/1 ARM remained unchanged at 6.05 percent.

Mortgage applications rose for the second straight week, according to the Mortgage Bankers Association. For the week ending July 11, applications rose a seasonally adjusted 1.7 percent when compared to one week earlier.

Refinancing activity rose 6.9 percent and accounted for the bulk of the increase. Applications for new purchases actually dropped by 1.7 percent.

-- Chris Kissell

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