30-, 15-Year Rates Continue to Drop

The average interest rate on 30-year fixed-rate mortgages slipped to 7.14%, down from 7.20% last week, Freddie Mac said. Fifteen-year mortgages fell to 6.7% this week from 6.74%.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.82%, down from 5.85%. These rates do not include add-on fees known as points, which averaged about 1% of the loan amount for all three types of mortgages.