Fixed-Rate Mortgages Continue to Climb

The average interest rate on 30-year fixed-rate mortgages rose to 7.08%, up from 6.87% the previous week, Freddie Mac said.

Fifteen-year mortgages, a popular option for refinancing, rose to 6.59%, up from 6.37% the week before.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.08%, up from 5.07% the previous week. Last year this time, one-year ARMs averaged 6.29%.

These rates do not include add-on fees known as points, which averaged around 0.7% of the loan amount for all three types of mortgages last week.

Associated Press