Mortgage Rates Decline to 7.56%

Thirty-year, fixed-rate mortgages averaged 7.56% this week, down from 7.65% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. The decline put the rate at the lowest level in 11 weeks, when it was 7.44%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.45%, down from 5.52% last week and the lowest in 11 months. Fifteen-year mortgages averaged 7.06% this week, down from 7.14%. The rates do not include points.