30-Year Mortgage Rates Drop Below 7%
Associated Press
The average interest rate on 30-year fixed-rate mortgages declined to 6.83% from 7.06% last week, Freddie Mac said. It was the fourth consecutive weekly decline and the first time rates dropped below 7% since the first week in December.
Fifteen-year mortgages, a popular option for refinancing, slipped to 6.31% this week from 6.55% the week before.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.08%, down from 5.26% the previous week.
