15-, 30-Year Mortgage Rates Lowest Since ’99

The average interest rate on 30-year fixed-rate mortgages fell to 7.42%, down from 7.54% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, declined to 7.11% last week, down from 7.19% the previous week. This week’s 30-year and 15-year mortgage rates were the lowest since June 4, 1999, when they averaged 7.41% and 7.04%, respectively. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.05%, down from 7.21% the week before.