Mortgage Rates Decline in Latest Week

The average interest rate on 30-year fixed-rate mortgages dipped to 7.10%, down from 7.14% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, ticked down to 6.61% this week from 6.66% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.90%, compared with 6% the week before. 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.