30-Year Mortgage Rates Drop Slightly

The average interest rate on 30-year mortgages slipped to 8.23% this week from 8.27% last week, Freddie Mac said. In mid-February, 30-year mortgage rates hit a 3 1/2-year high of 8.38%. Fifteen-year mortgages fell to an average rate of 7.81% from 7.84% last week. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 6.68%, unchanged from last week. Rates do not include add-on fees known as points.