30-Year Mortgage Rate Rose Last Week

The average rate on a 30-year mortgage rose last week, while staying below 7% for the 11th week in a row, Freddie Mac said.

The typical mortgage averaged 6.64% this week, up from 6.61% last week. The rate was 6.58% during the second week of October, the lowest since October 1998.

“Long-term mortgage rates have been under 7% for the last three months,” said Robert Van Order, chief economist at Freddie Mac, the No. 2 mortgage buyer. The group expects “mortgage rates to continue to hover just below 7% well into the new year, keeping the housing sector active and healthy for the foreseeable future.”

The average rate on a 15-year mortgage, a popular refinancing option, rose to 6.13%, up from 6.09% the previous week. The average rate for a one-year adjustable mortgage fell to 5.25%, the lowest since February 1996.