30-Year Mortgage Rate Average Falls

Thirty-year fixed-rate mortgages nationwide averaged 7.78% this week, down from 7.86% last week, the Federal Home Mortgage Corp. said. That is the lowest since April 4, when the average was also 7.78%. Rates averaged 8.34% as recently as Sept. 5. On one-year adjustable-rage mortgages, lenders were asking an average initial rate of 5.6%, up from 5.57% last week. Fifteen-year mortgages averaged 7.3% this week, down from 7.37% last week. The rates do not include fees known as points.