30-Year Mortgage Rates Edge Down

The average rate for a 30-year fixed-rate mortgage declined to 8.12% this week from 8.13% the week before, Freddie Mac said. In mid-May, rates on 30-year mortgages hit a five-year high of 8.64%. Even with declines in recent weeks, 30-year mortgages are still above the 7.89% level where they stood a year ago. Fifteen-year mortgages ticked up slightly this week, rising to 7.88% from 7.85% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.28%, down slightly from last week’s 7.29%. The rates do not include add-on fees known as points, which averaged at or just under 1% of the loan amount for all three types of mortgages.