Rates Decline for 30-, 15-Year Mortgages

The average interest rate on 30-year fixed-rate mortgages slipped to 7.73% for the week ending Nov. 17, down from 7.79% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, fell to an average 7.41% this week from 7.44% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.25%, up from 7.23% the week before. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.