Mortgage Rates Decline Again: Fixed-rate mortgages averaged...

Mortgage Rates Decline Again: Fixed-rate mortgages averaged 9.56% last week, the lowest level in more than three years, according to Federal Home Loan Mortgage Corp. The average, down from 9.81% the week before, was the lowest since it fell to 9.43% during the week ending April 10, 1987. By Oct. 16, however, the average had jumped to 11.58%. On one-year, adjustable-rate mortgages, lenders asked an average initial rate of 7.91%, the lowest since it hit 7.90% on Aug. 5, 1988. The ARMs average peaked at 9.41% on Nov. 11, 1989. The rate was 8.04% last week. The rates do not include add-on fees known as points.