U.S. Mortgages Head Lower

Mortgage rates fell this week, according to a national survey of large institutions by bankrate.com.

The 30-year fixed rate fell 5 basis points to 6.96 percent and the 15-year fixed rate dropped 6 basis points to 6.59 percent. The one-year adjustable rate rose 1 basis point to 5.83 percent. A basis point is one one-hundredth of a percent.

The average monthly principal and interest on a $100,000, 30-year fixed-rate mortgage fell to $663 and the payment on a 15-year loan slipped to $876.

Bankrate.com's overnight survey found that the average annual percentage rate nationwide for 30-year fixed rate mortgages is 6.83 percent, down 3 basis point from Wednesday's rate.