Mortgage Rates Decline Slightly

The average interest rate on 30-year mortgages slipped to 8.31% for the week ending today, down from 8.38% the week before, Freddie Mac said. Last week’s rate was the highest since July 1996. Fifteen-year mortgages, a popular option for refinancing, also fell, to an average 7.92% from 8% last week. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 6.73% this week, down from 6.77%.