Mortgage Rates Rise Across the Board

The average interest rate on 30-year fixed-rate mortgages climbed to 8.21% for the week ending today, compared with 8.09% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, rose to 7.93% this week, up from 7.80% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.32% this week, up from last week’s rate of 7.22%. The rates do not include add-on fees known as points, which averaged at or just more than 1% of the loan amount for all three types of mortgages.