Mortgage Rates Decline

The average rate on 30-year fixed-rate mortgages fell to 7.15% this week from 7.17% last week, Freddie Mac said. That average is close to the four-month high of 7.19% reached seven weeks ago, the mortgage company said. The average hit a four-year low of 6.89% in mid-January. Fifteen-year mortgages averaged 6.78% this week, down from 6.81% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.64%, down from 5.67% and the lowest in 10 weeks. The rates do not include the fees known as points.