Rates on Fixed Mortgages Rise Slightly

The average interest rate for a 30-year fixed-rate mortgage rose to 6.97% this week, up from 6.96% last week, Freddie Mac said. That’s up from a six-month low of 6.91% three weeks earlier. Three months ago, the average hit a 5 1/2-month high of 7.22%. This week’s figure represents the third consecutive week that the rate has risen, but the increase still keeps rates under 7% for the seventh consecutive week. The average rate for 15-year mortgages rose to 6.64%, up from 6.63% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.62%, down from 5.65% last week. The rates do not include the add-on fees known as points.