Mortgage Rates Lowest in 21 Months

Mortgage rates declined this week with rates for 30-year and 15-year mortgages hitting their lowest levels in 21 months. The average interest rate on 30-year fixed-rate mortgages fell to 6.89%, down from 7.07% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, declined to 6.49% last week, down from 6.74% the previous week. This week’s 30-year mortgage rates were the lowest since April 23, 1999, when they averaged 6.88%. The 15-year rates were the lowest since April 16, 1999, when they averaged 6.47%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.65%, down from 6.86% the week before.