Rates on 30-Year Mortgages Decline

Thirty-year fixed-rate mortgages averaged 7.46% this week, down from 7.54% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the lowest since Aug. 7, when rates also averaged 7.46%. Rates had dipped to 7.36% a week earlier after rising to 8.18% in early April. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.56%, unchanged from last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 6.99% this week, down from 7.07% a week earlier. The rates do not include add-on fees known as points.