Average Rate Rises for 30-Year Mortgages

The average interest rate on 30-year fixed-rate mortgages rose this week to 6.89% from 6.83% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, averaged 6.50%, up from 6.48%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.48%, up from 5.42%. The rates do not include add-on fees known as points, which averaged about 1% of the loan amount for all three types of mortgages.