30-Year Mortgage Rates Up Slightly

Thirty-year fixed-rate mortgages averaged less than 7% for the second consecutive week, Freddie Mac said. The average increased only slightly to 6.96% this week, from a five-month low of 6.94% last week. Eight weeks ago, the average hit a 5 1/2-month high of 7.22%. In mid-January, it had sunk to a four-year low of 6.89% as nervous investors poured money from turbulent Asian markets into the United States. The recent rate declines reflected renewed jitters over Asia. Fifteen-year mortgages, a popular option for refinancing, averaged 6.64%, up from 6.62% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.68%, the same as last week. The rates do not include add-on fees known as points.