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MORTGAGE RATES DECLINE THIS WEEK

Thirty-year, fixed-rate mortgages averaged 8.38 percent this week, down from 8.40 percent last week, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp.

On one-year adjustable rate mortgages, lenders were asking an average initial rate of 6.37 percent, down from 6.41 percent last week.

Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.96 percent this week, down from 7.97 percent a week earlier. The rates do not include add-on fees known as points.

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