Rates on Longer-Term Mortgages Edge Higher
The average interest rate on 30-year fixed-rate mortgages rose to 7.14% from 7.10% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, crept up to 6.67% this week from 6.61% last week. At the same time last year, rates for 30-year and 15-year mortgages hit a five-year high of 8.64% and 8.31%, respectively.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.81%, down from 5.90% last week. Last year, one-year ARMs averaged 7.15%.
These rates do not include add-on fees, known as points, which averaged about 1% of the loan amount for all three types of mortgages.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.