Fixed Mortgage Rates Decline Slightly

Thirty-year fixed-rate mortgages averaged 7.52% this week, down from 7.53% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. The slight decline pushed mortgage rates to their lowest levels since early March. The low point for the year was 6.94% in early February, while the high point was 8.42% in early July. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.50%, up from 5.48% last week. Fifteen-year mortgages averaged 7.04% this week, down from 7.06% a week earlier.