30-Year Mortgage Rates Under 8% for 7th Week

Mortgage rates edged down this week, with rates on 30-year mortgages below the 8% mark for the seventh week in a row. The average interest rate on 30-year, fixed-rate mortgages slipped to 7.88% for the week ending Sept. 29, down from 7.9% the previous week, according to Freddie Mac, the mortgage company. A year ago, the rate on 30-year mortgages stood at 7.7%. In mid-May, rates on 30-year mortgages hit a five-year high of 8.64%. Fifteen-year mortgages dipped to an average 7.53% this week from 7.57% last week. A year ago, 15-year mortgages averaged 7.35%. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 7.21%, down from last week’s rate of 7.27%. For the same period last year, one-year, adjustable-rate mortgages averaged 6.12%. The rates do not include add-on fees known as points.