30-Year Mortgages Remain Under 7%

The average interest rate on 30-year fixed-rate mortgages declined slightly this week, remaining below 7% for the eighth consecutive week, the mortgage company Freddie Mac said. The average fell to 6.94% this week from 6.97% last week and was only a bit higher than a six-month low of 6.91% four weeks earlier. Three months ago, the average hit a 5 1/2-month high of 7.22%. Fifteen-year mortgages, a popular refinancing option, averaged 6.63%, down from 6.64% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.61%, down from 5.62% last week. The rates do not include add-on fees known as points.