Mortgage Rates Rise for 4th Straight Week
Associated Press
Rates on 30- and 15-year mortgages rose for a fourth week amid signs that the country is recovering from a recession.
Freddie Mac reported that the average interest rate on 30-year fixed-rate mortgages rose to 7.18%, up from 7.14% the previous week.
Fifteen-year mortgages, a popular option for refinancing, rose to 6.69%, up from 6.65% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.11%, unchanged from the previous week.
These rates do not include add-on fees known as points, which averaged about 0.7% of the loan amount for all three types of mortgages last week.
