30-Year Mortgage Rates Inch Higher

Thirty-year fixed-rate mortgages averaged less than 7% for the fifth straight week, Freddie Mac said. The average increased slightly to 6.94% this week from a six-month low of 6.91% last week. At the end of April, the average hit 7.22%, its high for the year. Fifteen-year mortgages, a popular option for refinancing, averaged 6.60%, unchanged from the previous week. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.64%, up from 5.60% last week. The rates do not include add-on fees known as points.