Times Staff and Wire Reports

30-Year Mortgage Rates Dip: The fixed rates averaged 7.38% this week, down from 7.41% last week, according to the Federal Home Loan Mortgage Corp. national survey. That is the lowest since Feb. 22, when they averaged 7.32%. The average fell to 6.94% during the week of Feb. 15, the lowest in more than two years, before it started drifting up. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.40%, up from 5.38% last week. Fifteen-year mortgages, popular with people refinancing their mortgages, averaged 6.87% this week, unchanged from the week before. The rates do not include fees known as points.

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