30-Year Mortgage Rate Declines to 6.92%

The average interest rate on 30-year fixed-rate mortgages declined slightly this week to 6.92% from 6.98% in the two previous weeks, Freddie Mac said. So far this year, rates have fluctuated between 6.74% at the end of January and 7.11% in mid-March. Fifteen-year mortgages, a popular option for refinancing, averaged 6.53% this week, down from 6.58% and a six-week low. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.59%, an eight-week low, down from 5.65%. The rates do not include add-on fees known as points, which averaged roughly 1% of the loan amount for all three types of mortgages.