30-Year Mortgage Rates Edge Down to 7.65%

Mortgage rates declined this week, with the average interest rate on a 30-year mortgage dropping to its lowest level in 17 months. The average rate on a 30-year fixed-rate mortgage fell to 7.65% from 7.73% the week before, according to a survey by mortgage company Freddie Mac. A year ago, the rate on 30-year mortgages stood at 7.84% and was rising. Rates on 30-year mortgages hit a five-year high of 8.64% in mid-May. Fifteen-year mortgages, a popular refinancing option, dropped from 7.41% to 7.35%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.28% this week, up from 7.25% the week before. For the same period last year, one-year ARMs averaged 6.49%. The rates do not include add-on fees known as points.