REAL ESTATE

Rates for 30-Year Mortgages Drop: Thirty-year fixed-rate mortgages averaged 8.19% this week, down from 8.23% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the lowest since June 3, when rates averaged 8.14%. Rates rose to 8.42% during the week ended July 11, highest since they averaged 8.62% in early March 1995. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.01%, up from 5.97% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.71% this week, down from 7.76% a week earlier. The rates do not include add-on fees known as points.