Mortgage Rates Unchanged in Latest Week

The average interest rate on 30-year fixed-rate mortgages was 6.92% this week, unchanged from the week before, Freddie Mac said. International financial turmoil has prompted global investors to seek the security of U.S. Treasury securities. As a result, Treasury rates have declined, bringing U.S. mortgage rates with them. The average has remained below 7% for 11 consecutive weeks. Its high point for the year so far, 7.22%, came four months ago. Fifteen-year mortgages, a popular option for refinancing, averaged 6.61%, the same as the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.58%, also unchanged. The rates do not include add-on fees known as points.