30-Year Mortgage Rate Falls From 2-Year Peak

The average interest rate on 30-year fixed-rate mortgages edged down to 7.93% this week from its highest level in more than two years, Freddie Mac said in its weekly survey. The average was down from 8.15% last week--the highest rate since April 1997. Fifteen-year mortgages, a popular option for refinancing, averaged 7.53% this week, down from 7.70% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.18% this week, also down from 6.24% the previous week.