This document presents novel architectures for 4:2 and 7:2 compressors that can be used to perform fast multiplication. The proposed 4:2 and 7:2 compressors utilize multiplexers and full/half adders to reduce delay compared to traditional designs. Simulation results on a Spartan 3 FPGA show the proposed compressor-based multiplier occupies the smallest area and has the lowest delay compared to traditional and modified designs. The compressors can be utilized to build high-speed FFT processors for applications such as OFDM communications.