THE ECONOMY

Mortgage Rates Creep Lower: Nationwide, 30-year fixed-rate mortgages averaged 7.86% this week, down from 7.88% a week earlier, the Federal Home Loan Mortgage Corp. said. That matches the 7.86% average for the week ended Oct. 10, which had been the lowest since the 7.78% average of April 4. The high for the year is the 8.42% recorded for the week ended July 11. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.57%, down from 5.62% last week. Fifteen-year mortgages averaged 7.37% this week, down from 7.39% last week. The rates do not include add-on fees known as points.