Fixed-rate mortgages averaged 9.56 percent this week, the lowest level in more than three years, according to a national survey released Friday by the Federal Home Loan Mortgage Corp.
The average, down from 9.81 percent the previous week, was the lowest since April 10, 1987. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 7.91 percent, the lowest since Aug. 5, 1988. The rate was 8.04 percent last week. The rates do not include add-on fees known as points.