Mortgage Rates Move Higher This Week

The average interest rate on a 30-year fixed-rate mortgage climbed to 6.43% this week, up from 6.34% the previous week, mortgage company Freddie Mac reported. A year ago, 30-year mortgages averaged 7%.

Last week’s rate marked the lowest level on 30-year mortgages since Freddie Mac began conducting its nationwide survey in 1971.

The average interest rate on 15-year mortgages, a popular option for refinancing, rose to 5.84% this week. Last week’s rate of 5.76% was the lowest since Freddie Mac began tracking them in 1991.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.45%, up from 4.31%.

These rates do not include add-on fees known as points. Each loan type carried an average 0.6 point this week.