Mortgage Rates Below 7% for Third Week
Associated Press
Rates on 30-year mortgages remained below the 7% mark for the third week in a row.
Freddie Mac reported that the average interest rate on 30-year fixed-rate mortgages dipped to 6.88%, down from 6.94% the previous week.
Fifteen-year mortgages, a popular option for refinancing, slipped to 6.35%, down from 6.42% the week before.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.91%, compared with 4.95% the previous week. This week’s rate was the lowest since April 1, 1994.
