Mortgage Rates Decline in Latest Week

Thirty-year, fixed-rate mortgages averaged 7.85% this week, down from 7.87% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the lowest level since Jan. 9, when rates also averaged 7.85%. Last week’s average was the highest since April 18, when rates averaged 7.88%. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.57%, unchanged from last week. Fifteen-year mortgages averaged 7.35% this week, down from 7.38% a week earlier. The rates do not include points.