30-Year Mortgage Rates Fall to 7.44%

Thirty-year fixed-rate mortgages averaged 7.44% this week, down from 7.52% last week, the Federal Home Loan Mortgage Corp. reported. That average is the lowest since March 7, when it was 7.38%. The low point for the year is 6.94%, reached in early February, and the high is 8.42%, reached in early July. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.47%, down from 5.50% last week. Rates for 15-year mortgages averaged 6.96% this week, down from 7.04% last week. The rates do not include points. In a related development, the Mortgage Bankers Assn. reported that for the third straight quarter, fewer homeowners fell behind on their mortgage payments. The group said mortgage delinquencies fell to 4.16% on a seasonally adjusted basis for the three months ended Sept. 30, down from 4.35% in the second quarter.