Mortgage Rates Rise on Inflation Concerns

The average interest rate on 30-year fixed-rate mortgages rose to 7.12%, up from 7.01% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, rose to 6.69% this week from 6.61% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.43%, compared with 6.40% the week before. Last year, one-year ARMs averaged 6.73%. The rates do not include add-on fees known as points, which averaged around 1% of the loan amount for all three types of mortgages.