The average interest rate on 30-year fixed-rate mortgages was 7.73% for the week ending Friday, the same rate as the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, also were unchanged this week at an average 7.41%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.28%, up from 7.25% last week. For the same period last year, one-year ARMs averaged 6.45%. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.
15-, 30-Year Fixed Mortgage Rates Hold Steady