30-Year Fixed Mortgage Rates Near Two-Year Low
WASHINGTON (AP) _ Thirty-year, fixed rate mortgages averaged 7.37 percent this week, the lowest in nearly two years.
The rate was down from 7.44 percent last week, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp.
It was the lowest since Feb. 24, 1994, when rates averaged 7.32 percent. Rates have fallen steadily since a high of 9.25 percent the week of Nov. 23, 1994.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.64 percent, down from 5.67 percent last week.
Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 6.87 percent this week, down from 6.97 percent a week earlier.
The rates do not include add-on fees known as points.