The 30-year fixed-rate mortgage fell 6 basis points, to 7.70%, for the week ending Oct. 1, according to Freddie Mac. A year earlier, 30-year fixed-rate mortgages averaged 6.60%.

The average for 15-year fixed-rate mortgages also dropped to 7.35%, from 7.40% the week before. A year earlier, it averaged 6.27%. The rate for one-year adjustable-rate mortgages averaged 6.12% for the week ending Oct. 1, a slight decline from 6.19% the week before. A year earlier, the one-year ARM averaged 5.39%.

Freddie Mac chief economist Robert Van Order said rates are expected to fluctuate between 7.75% and 8% for the rest of the year.

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