The national average interest rate on 30-year fixed-rate, mortgages plunged last week to 7.11%, from 7.19% last week and 7.24% two weeks ago.

Preliminary figures from a weekly survey by HSH Associates of Butler, N.J., also showed that points charged on such loans averaged 1.2%, down from 1.37% last week.

The Washington, D.C., area again had the lowest rate, falling below the 7% mark to 6.98%, from 7.06% a week ago.

Minneapolis Points Are Low

Minneapolis was the most expensive area at 7.24%, down from 7.28%, but showed relatively low average points of 1%, essentially unchanged.

The national average for 15-year fixed loans was 6.69%, down from 6.73%, while one-year adjustables averaged 4.32%, down from 4.35%.

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