Mortgage Rates Down Sharply: Thirty-year, fixed-rate mortgages averaged 8.25% this week, down sharply from 8.55% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the lowest average since March 31, when it was 8.04%. The average hit a 25-year low of 6.74% last October. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.45%, down from 5.52% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.79% this week, down from 8.02% a week earlier. The rates do not include add-on fees known as points.