Mortgage Interest Lowest Since February

Average interest rates on 30-year, fixed-rate mortgages fell this week to the lowest level in four months. The average rate decreased to 7.58% from 7.61% a week earlier, the Federal Home Loan Mortgage Corp. said. It was the lowest rate since the week ended Feb. 20, five weeks before the Federal Reserve Board tightened monetary policy. After the tightening, the rate rose to a seven-month high of 8.18% for the week ended April 3 and has declined in nine of the 12 weeks since. Fifteen-year mortgages averaged 7.13% this week, also the lowest since the week ended Feb. 20, and down from 7.14% a week earlier. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.66% this week, the same as last week. The rates do not include points.