Mortgage Rates Decline, but Still Above 7%

The average interest rate on 30-year fixed-rate mortgages fell this week for the first time since late January, but it remained above 7% for a third consecutive week. The average was at 7.01%, down from a 10-month high of 7.11% last week but still a quarter of a percentage point higher than the 6.74% average seven weeks earlier, Freddie Mac said. Rates for 15-year mortgages averaged 6.64%, down from 6.75%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.75%, down from 5.88%. The rates do not include add-on fees known as points.