15-, 30-Year Mortgage Rates Hit 4-Month Low
Associated Press
Rates on 30-year and 15-year mortgages around the country hit a four-month low this week, while rates on one-year adjustable mortgages rose.
The average interest rate on 30-year fixed-rate mortgages dipped to 7% for the week ending Aug. 3, down from 7.03% last week, Freddie Mac said.
Fifteen-year mortgages, a popular option for refinancing, fell to 6.54% this week, from 6.58% the previous week.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.74%, up from 5.72% the week before. Last year, one-year ARMs stood at 7.28%.
These rates do not include add-on fees known as points.
