Mortgage Rates Fall to 6-Month Lows

Rates on 30-year and 15-year mortgages fell to six-month lows this week.

Freddie Mac reported that the average interest rate on 30-year fixed-rate mortgages dropped to 6.78% from 6.88% the previous week. Fifteen-year mortgages, a popular option for refinancing, fell to 6.26% from 6.35%.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.75%, compared with 4.91% the previous week. This week’s rate was the lowest since April 1, 1994.

These rates do not include add-on fees known as points, which last week averaged about 0.7% of the loan amount for all three types of mortgages.