30- and 15-Year Mortgage Rates Slip Again

Rates on 30- and 15-year mortgages edged down again this week, hitting their lowest levels in nearly a year. For the eighth week in a row, 30-year mortgages were below the 8% mark. The average interest rate on 30-year, fixed-rate mortgages slipped to 7.83% for the week ending Oct. 6, down from 7.88% the previous week, according to Freddie Mac, the mortgage company. This week’s rate was the lowest since Nov. 26, 1999, when the average on 30-year mortgages was 7.75%. A year ago, the average was 7.82%. In mid-May, rates on 30-year mortgages hit 8.64%, a five-year high. Fifteen-year mortgages dipped to an average 7.50% this week from 7.53% last week. This week’s rate was the lowest since Dec. 17, when the average was 7.47%. A year ago, 15-year mortgages averaged 7.43%. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 7.21%, unchanged from the week before. For the same period last year, one-year ARMs averaged 6.27%. The rates do not include points.