Mortgage Rates Inch Up From 21-Month Low

Rates for 30-year and 15-year mortgages ticked up this week after hitting their lowest levels in 21 months last week. The average interest rate on 30-year fixed-rate mortgages rose to 7.02%, up from 6.89% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, edged up to 6.63% this week from 6.49% the week before. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.64%, down from 6.65% the week before. The rates do not include add-on fees known as points.