Rates Dip on 15-, 30-Year Mortgages

The average interest rate on 30-year fixed-rate mortgages fell to 8.13% for the week ending today from 8.16% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, also ticked down this week, to 7.79% from 7.82%. This time a year ago, 15-year mortgages were at 6.55%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.77% this week, up from 6.76% last week. The rates do not include add-on fees known as points, which averaged at or just over 1% of the loan amount for all three types of mortgages.