Mortgage Rates Decline Slightly

Average interest rates on 30-year, fixed-rate mortgages fell this week to the lowest level since February. The average decreased to 7.72% from 7.85% a week earlier, the Federal Home Loan Mortgage Corp. said. It is the lowest rate since the week ended Feb. 27, four weeks before the Federal Reserve Board tightened monetary policy. After the tightening, the rate rose to a seven-month high of 8.18% for the week ended April 3 and has declined in seven of the 10 weeks since. Fifteen-year mortgages averaged 7.27% this week, also the lowest since the week ended Feb. 27 and down from 7.40% a week earlier. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.67% this week, a 13-week low and down from 5.78%. The rates do not include points.