30-Year Mortgage Rate Rises to 7.15%

The average interest rate on 30-year fixed-rate mortgages rose to 7.15%, up from 7.02% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, moved to 6.70% last week, up from 6.63% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.64%, unchanged from the week before. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.