THE ECONOMY

* The average interest rate on 30-year fixed-rate mortgages fell to 6.97% from 7.03% last week, Freddie Mac said. Fifteen-year mortgages declined to 6.52% from 6.58%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.29%, compared with 6.39% the week before. The rates do not include add-on fees known as points.