30-Year Mortgage Rate Falls to 6.69%

The average interest rate on 30-year fixed-rate mortgages fell to a nine-week low of 6.69% this week, Freddie Mac said. The decline, from 6.71% a week earlier, was the fourth in a row and brought the average to its lowest level since early October, when it reached a 31-year low of 6.49%. Fifteen-year mortgages, a popular option for refinancing, averaged 6.34% this week, down from 6.47% and the lowest in seven weeks. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.53%, up from 5.52%. The rates do not include add-on fees known as points, which averaged at or just under 1% of the loan amount for all three types of mortgages.