30-Year Mortgage Rate Hits 2-Month Low

The average interest rate on 30-year, fixed-rate mortgages fell to 7.70% this week, the lowest level in two months and the fourth straight weekly decline. The average was down from 7.76% last week, Freddie Mac said. Mortgage rates have been on an upward climb for much of this year. Fifteen-year mortgages, a popular option for refinancing, averaged 7.35% this week, also down from the average of 7.40% last week. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 6.12% this week, down from 6.19% last week. The rates do not include add-on fees known as points, which averaged about 1% of the loan amount for all three types of mortgages.