30-Year Mortgage Rates Fall to 7.67%

Thirty-year fixed-rate mortgages averaged 7.67% this week, down from 7.78% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the lowest since March 7, when rates averaged 7.38%. Rates had averaged 8.34% as recently as Sept. 5. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.56%, down from 5.60% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.20% this week, down from 7.30% a week earlier. The rates do not include fees known as points.