30-Year Mortgages Fall to 3-Month Low

The average rate on 30-year fixed-rate mortgages fell to a three-month low of 7.07% this week, Freddie Mac said. The decrease, from 7.10% last week, brought the average to the lowest level since mid-February. It was the third decline in the four weeks since the average hit a 5 1/2-month high of 7.22% at the end of April. Earlier this year, the average sank even lower, to a four-year low of 6.89% in mid-January, as nervous investors poured money from turbulent Asian markets into U.S. investments. Fifteen-year mortgages, a popular option for refinancing, fell to a nine-week low of 6.72%, from 6.75% the previous week. It had hit a six-month high of 6.85% four weeks ago. The rates do not include add-on fees known as points.