30-Year Mortgage Rates Dip Below 7%
Associated Press
Mortgage rates around the country edged down this week after going up the previous two weeks.
Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages dropped to 6.88% from 7.02%. A year ago, 30-year mortgages averaged 6.98%.
Fifteen-year mortgages slipped to 6.36% from 6.51% the week before. A year ago, 15-year mortgages averaged 6.60%.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.04%, down from 5.12%. Last year this time, one-year ARMs averaged 6.45%.
