Mortgage Rates Continue to Fall

Thirty-year, fixed-rate mortgages averaged 7.61% this week, down from 7.72% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the lowest since Feb. 20, when rates averaged 7.56%. Rates have been falling since reaching 8.18% during the week ended April 3. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.66%, down from 5.67% last week. Fifteen-year mortgages averaged 7.14% this week, down from 7.27% a week earlier. The rates do not include points.