THE ECONOMY

* The average interest rate on 30-year fixed-rate mortgages fell to 7.54%, down from 7.65% last week, Freddie Mac said. Fifteen-year mortgages declined to 7.19%, from 7.35% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.21%, down from 7.24%. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.