Fixed-Rate Mortgages Fall to 7.65%

Thirty-year fixed-rate mortgages averaged 7.65% this week, the lowest in seven weeks, according to a national survey released by the Federal Home Loan Mortgage Corp. The decline, from 7.74% the week before, put the rate at the lowest level since the week ended Dec. 26, when it was 7.64%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.52%, up from 5.51% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.14% this week, down from 7.25% a week earlier and the lowest in nine weeks. The rates do not include points.