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MORTGAGE RATES EDGE LOWER

The average interest rate on 30-year fixed-rate mortgages slipped to 7.88 percent for the week ending Sept. 29, down from 7.90 percent reached the previous week, according to a survey released Thursday by Freddie Mac, the mortgage company.

Fifteen-year mortgages, a popular option for refinancing, dipped to an average 7.53 percent this week, from 7.57 percent.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.21 percent, down from 7.27 percent.

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