30-Year Mortgage Rate Rises to 6.61%

The average rate on a 30-year mortgage rose this week from the lowest level in three years, Freddie Mac said.

The typical mortgage averaged 6.61% this week, up from 6.58%. Last week’s rate was the lowest since October 1998.

The average rate on a 15-year mortgage, a popular refinancing option, rose to 6.09%, up from 6.06% the previous week. The previous week’s rate was the lowest since Freddie Mac began tracking the number in 1991.

“Mortgage rates should remain at or below 7% well into 2002, which will keep housing affordable and still active during this slower period,” said Robert Van Order, chief economist at Freddie Mac, the No. 2 mortgage buyer.

The average rate for a one-year adjustable mortgage stayed at 5.26%, the lowest since February 1996.