Mortgage Rates Down This Week
WASHINGTON (AP) _ Mortgage rates edged down this week with rates on 30-year mortgages below the 8 percent mark for the seventh week in a row.
The average interest rate on 30-year fixed-rate mortgages slipped to 7.88 percent for the week ending Sept. 29, down from 7.90 percent reached the previous week, according to a survey released Thursday by Freddie Mac, the mortgage company. A year ago, the rate on 30-year mortgages stood at 7.70 percent.
In mid-May, rates on 30-year mortgages hit a five-year high of 8.64 percent.
Fifteen-year mortgages, a popular option for refinancing, dipped to an average 7.53 percent this week from 7.57 percent last week. A year ago, 15-year mortgages averaged 7.35 percent
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.21 percent, down from last week’s rate of 7.27 percent. For the same period last year, one-year ARMS averaged 6.12 percent.
The rates do not include add-on fees known as points, which averaged 1 percent of the loan amount for all three types of mortgages.