Mortgage Rates Continue Edging Down

Fixed-rate mortgage loans fell this week to their lowest levels since May 1999, Freddie Mac said. Thirty-year mortgage interest rates dropped to an average 7.07%, their lowest since 7.02% in the first week of May 1999, and were down from 7.13% last week. The 30-year rates have declined about 1.6 percentage points from their high of 8.64% in May 2000. Fifteen-year mortgages, a popular option for people refinancing loans, dropped to an average 6.74% this week from 6.79% the week before. Rates on one-year adjustable-rate mortgages dipped to an average 6.86% from 6.93%. The rates do not include add-on fees known as points.