Mortgage Rate Average Dips Below 7%

The average interest rate for 30-year fixed-rate mortgages dipped below 7% this week for the first time in four weeks. The average stood at 6.98%, down from 7.01% last week and from a 10-month high of 7.11% two weeks ago. Fifteen-year mortgages averaged 6.61% this week, down from 6.64% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.69%, down from 5.75%. The rates do not include add-on fees known as points. These averaged just under 1% of the loan amount for all three types of mortgages.