30-Year, 15-Year Mortgage Rates Drop

The average interest rate on 30-year fixed-rate mortgages declined to 6.81% this week from 6.89% the previous week, according to a survey by mortgage company Freddie Mac.

Fifteen-year mortgages fell to 6.28% from 6.37% the week before. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.85%, up from 4.81%.