The average interest rate on 30-year fixed-rate mortgages rose to 7.99% for the week ending today, up from an eight-month low of 7.96% reached the previous week, Freddie Mac said. A year ago, the rate on 30-year mortgages stood at 7.80%. In mid-May, rates on 30-year mortgages hit a five-year high of 8.64%. Fifteen-year mortgages, a popular option for refinancing, crept up to an average 7.72% this week from 7.70% last week. A year ago, 15-year mortgages averaged 7.43%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.37%, up from last week’s rate of 7.21%. For the same period last year, one-year adjustable-rate mortgages averaged 6.22%. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.
30-Year, 15-Year Fixed-Rate Mortgages Rise