30-Year Mortgage Rates Fall Slightly

The average interest rate on 30-year fixed-rate mortgages declined slightly this week, to 6.91%, Freddie Mac said. The average rate fell from 6.94% last week and matched a six-month low of five weeks earlier. Three and a half months ago, the average hit a 5 1/2-month high of 7.22%. Fifteen-year mortgages, a popular option for refinancing, averaged 6.6%, down from 6.63% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.60%, down from 5.61% last week. The rates do not include add-on fees known as points.