30-, 15-Year Mortgage Rates Edge Down

The average interest rate on 30-year fixed-rate mortgages slipped slightly to 7.83% for the week ending today, down from 7.84% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, ticked down to an average 7.50% from 7.52%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.25%, up from 7.23%. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.