Rates for 30- and 15-Year Mortgages Down

The average interest rate on 30-year fixed-rate mortgages slipped to 7.94% for the latest week for the week ending today, down from 7.96% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, dipped to an average 7.65% from 7.67%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.33%, up from 7.27% last week. For the same period last year, one-year ARMS averaged 6.21%. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.

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