Mortgage Rates Inch Up to Average 7.06%

The average rate on 30-year fixed-rate mortgages rose this week to 7.06%, the mortgage company Freddie Mac said. The increase, from 7.03%, was the third in four weeks. A month ago, the rate sank to a four-year low of 6.89%. In general, mortgage rates have been declining since April 1997, when the 30-year average hit 8.18% just after the Federal Reserve Board last tightened monetary policy. Fifteen-year mortgages, a popular refinancing option, averaged 6.65% this week, up from 6.62% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.58%, up from 5.57%. The rates do not include add-on fees known as points.