Long-Term Mortgage Rates Fall
(Associated Press)
Average interest rates for 30-year fixed-rate mortgages fell this week to 7.85%, the lowest level since March. That’s down from 7.94% last week, the Federal Home Loan Mortgage Corp. said. It is the lowest rate since that for the week ended March 13, two weeks before the Federal Reserve Board tightened monetary policy. After the tightening, the rate rose to a seven-month high of 8.18% for the week ended April 3 and has declined in six of the nine weeks since. Fifteen-year mortgages averaged 7.40% this week, down from 7.47% a week earlier. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.78% this week, down from 5.83%. The rates do not include points.
