Longer-Term Mortgage Rates Edge Lower

The average interest rate on 30-year fixed-rate mortgages dipped to 7.08% for the week ending July 20, down from 7.21% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, fell to 6.65% this week, compared with 6.76% the previous week.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.62%, down from 5.79% the week before.

These rates do not include add-on fees known as points, which averaged about 1% of the loan amount for all three types of mortgages.