30-Year Fixed Mortgage Rates Dip to 7.35 Percent
WASHINGTON (AP) _ Thirty-year, fixed rate mortgages averaged 7.35 percent this week, down from 7.37 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 5.65 percent, up from 5.64 percent last week.
Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 6.86 percent this week, down from 6.87 percent a week earlier.
The rates do not include add-on fees known as points.