Mortgage Rates Lowest in 19 Months

The average interest rate on 30-year fixed-rate mortgages dipped to 7.13%, down from 7.17% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, declined to 6.79% last week, down from 6.84% the previous week. This week’s 30-year and 15-year mortgage rates were the lowest since May 14, 1999, when they averaged 7.10% and 6.71%, respectively. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.93%, down from 7.02% the week before.