Mortgage Rates Dip Across the Board

The average interest rate on 30-year fixed-rate mortgages declined to 6.89%, down from 6.96% last week, Freddie Mac said. That was the lowest since the week ended Jan. 12, when rates also averaged 6.89%. A year ago, 30-year mortgages averaged 8.23% and were rising. Fifteen-year mortgages, a popular refinancing option, fell to 6.44% last week from 6.54% the week before. That was the lowest since Feb. 12, 1999, when 15-year mortgages averaged 6.4%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.22%, down from 6.32% the week before. That was the lowest since a rate of 6.12% on Oct. 1, 1999. The rates do not include add-on fees known as points.