30-Year Mortgage Rates Lowest Since ’93

The average interest rate on 30-year, fixed-rate mortgages dropped to 6.77% from 6.82%, Freddie Mac said. That’s the lowest since 6.74% in late October 1993. If the average falls below 6.74% next week, it will reach a 30-year low. Economist Robert Van Order of Freddie Mac said there’s a good chance that will occur. Fifteen-year mortgages, a popular option for refinancing, averaged 6.43%, a decrease from 6.51% the previous week and also the lowest since October 1993. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.50%, down from 5.51% and the lowest in eight months. The rates do not include add-on fees known as points.