Mortgage Rates Inch Up for the Week

The average interest rate on 30-year fixed-rate mortgages rose to 8.16% this week from 8.12% last week, Freddie Mac said. At this time a year ago, 30-year mortgages averaged 6.88%. Rates on 30-year mortgages hit a 3 1/2-year high of 8.38% in mid-February. Fifteen-year mortgages, a popular refinancing option, also inched up this week to 7.82% from 7.76%. A year ago, 15-year mortgages were at 6.51%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.76% this week, down from 6.86% last week. The rates do not include add-on fees known as points. Separately, the Mortgage Bankers Assn. of America said mortgage loan applications decreased by 4.5% last week from the week before and were down by 23.6% from the same week last year.