Interest Rate on 30-Year Mortgages Edges Up

The average interest rate on 30-year fixed-rate mortgages rose slightly this week, to 6.92%, Freddie Mac said. The average increased from last week’s 6.91%, which had matched a six-month low of five weeks before. Nearly four months ago, the average hit a 5 1/2-month high of 7.22%. Fifteen-year mortgages, a popular option for refinancing, averaged 6.61%, up from 6.60% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.58%, down from 5.60% last week and the lowest in six months. The rates do not include add-on fees known as points.