Average interest rates on 30-year, fixed-rate mortgages fell nationally this week to the lowest level since March.
The average decreased to 7.85 percent from 7.94 percent last week, the Federal Home Loan Mortgage Corp. said Thursday.
It was the lowest rate since the week ended March 13, two weeks before the Federal Reserve tightened monetary policy.
After the tightening, the average rate rose to a seven-month high of 8.18 percent, for the week ended April 3, and has declined in six of the nine weeks since.
Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.40 percent, down from 7.47 percent a week earlier.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.78 percent this week, down from 5.83 percent.
Lenders charged an average of 1.7 percent in fees and points on 30- and 15-year loans, unchanged from last week. They charged 1.4 percent on adjustable loans, down from 1.5 percent.
