Fixed rates up slightly, ARMs down

The average interest on fixed-rate mortgages fell this week, while that of adjustable-rate mortgages rose slightly. At the same time, mortgage application volume increased, according to the Mortgage Bankers Association. The average for a 30-year fixed-rate mortgage was 6.40 percent this week, compared to 6.47 percent last week, and 6.67 percent this time last year. The average for 15-year mortgages was 5.93 percent, from 6.00 percent last week and 6.12 percent one year ago.