Rates Fall on Fixed, Adjustable Mortgages

The average interest rate on 30-year fixed-rate mortgages fell to 7.84% this week, the lowest level since early October, from 7.96% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, averaged 7.45% this week, down from 7.57%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.34% this week, down slightly from 6.35%. The rates do not include add-on fees known as points, which averaged at or just over 1% of the loan amount for all three types of mortgages. (Associated Press)

* The number of Americans filing new claims for unemployment benefits rose by 8,000 to 288,000 last week, in line with analysts’ expectations, after a sharp decline the previous week, the Labor Department said.