Rates Slip on 15-, 30-Year Mortgages

The average interest rate on 30-year fixed-rate mortgages slipped to 8.14% this week, down from 8.22% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, dipped to 7.85% this week, down from 7.91% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.22% this week, up from last week’s rate of 7.21%. 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. Separately, the Mortgage Bankers Assn. of America said mortgage loan applications for the week ended June 16 fell a seasonally adjusted 1% from the previous week and were down 10.7% from the same period a year ago.