The 30-year, fixed-rate mortgage averaged 7.65% for the week ended Wednesday, down slightly from the previous week's average of 7.71%, according to Freddie Mac's primary mortgage market survey.

The average 15-year, fixed-rate mortgage was 7.30%, also down from the previous week's 7.34%. The one-year, adjustable-rate mortgage averaged at 5.96%, down from 6.05% the week before.

Frank Nothaft, deputy chief economist at Freddie Mac, said that despite the slight rate declines, mortgage refinancing activity has slipped from 63% of total volume in October 1998 to only about 25% of the market today, and will probably drop to about 20% for the rest of the year.

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