Interest Rates on Fixed-Rate Mortgages Dip

Interest rates on 30-year fixed-rate mortgages slid to 8.08% this week but remained above 8% for a fourth consecutive week, the Federal Home Loan Mortgage Corp. said. After sinking to 7.56% during the week ended Feb. 20, the rate climbed to a seven-month high of 8.18% the week ended April 3, just after the Federal Reserve Board tightened monetary policy. It has remained above 8% since then and was 8.16% last week. Fifteen-year mortgages, a popular option for those refinancing, averaged 7.62% this week, down from 7.71% a week earlier. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.86% this week, down from 5.89%. The rates do not include fees.