Mortgage Interest Rates Decline

Interest rates on 30-year fixed-rate mortgages slipped to 8.01% this week, remaining above 8% for the fifth consecutive week, the Federal Home Loan Mortgage Corp. said. After sinking to 7.56% during the week ended Feb. 20, the rate climbed to a seven-month high of 8.18% the week ended April 3, just after the Federal Reserve Board tightened monetary policy. It has remained above 8% since and was 8.08% last week. Fifteen-year mortgages averaged 7.53% this week, down from 7.62% a week earlier. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.84% this week, down from 5.86%. The rates do not include fees.