Mortgage Rates Dip After 4-Week Rise

Freddie Mac reported that the average interest rate on 30-year fixed-rate mortgages dipped to 7.13%, down from 7.18% the previous week.

Fifteen-year mortgages, a popular option for refinancing, slipped to 6.64%, down from 6.69% the week before.

Until this week, rates for 30-year and 15-year mortgages had gone up in each of the previous four weeks.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.99%, down from 5.11% the previous week.

These rates do not include add-on fees known as points, which averaged 0.7% of the loan amount for all three types of mortgages last week.